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Pesalink money transfer fee cuts spread to 19 banks in retail battle
Pesalink’s new pricing presents a cheaper option for low- to mid-value transactions within banks’ wallets, presenting competition in the retail transactions space.
The number of banks cutting Pesalink fees has nearly doubled to 19, as lenders roll out free transfers of up to Sh1,000 and a flat charge of Sh20 on larger transactions to attract retail payment flows.
The move, which represents a discount from the charges of up to Sh250 that customers have been paying for Pesalink transfers, aims at capturing a bigger share of person-to-person payments. The discounted price applies to any transaction from a participating financial institution to another.
