Co-op Bank, NCBA join Pesalink money transfer fee cuts in retail battle

Co-operative Bank and NCBA have joined other major lenders that have rolled out free transfers of up to Sh1,000 and a flat charge of Sh20 on larger Pesalink transactions, fuelling the race for retail payment deals.

The two lenders join KCB Bank Kenya, Diamond Trust Bank, Absa Bank Kenya, Stanbic Bank Kenya and Prime Bank in adopting the new tariff that looks set to capture a bigger share of person-to-person payments. Other institutions offering the reduced Pesalink charges are UBA Kenya, Commercial International Bank, HFCB, Victoria Commercial Bank, Access Bank Kenya, Citibank N.A Kenya, Faulu Microfinance Bank, GT Bank, SBM Bank, Paramount Bank, Credit Bank, Ecobank Kenya, Bank of Baroda, Choice Bank and Caritas Microfinance Bank.