Banks mobile money platform signs up two million users

What you need to know:

PesaLink enables customers to make payments between banks in real-time without having to go through intermediaries.
The service is provided by Integrated Payment Services Limited (IPSL) a local financial technology (FinTech) firm wholly owned by KBA.
The platform is allowing registered users to transact as low as Sh10 to as much as Sh999,999 across the banking system.

Two million customers have signed up for PesaLink less than two months after the digital bank-to-bank payments platform was launched by the Kenya Bankers Association (KBA).

Integrated Payment Services Ltd (IPSL), a local financial technology (FinTech) firm wholly owned by KBA, yesterday said the 22 banks on the platform have also managed to consistently record “impressive” average turnaround rate for the transactions.

22 banks

PesaLink enables customers to make real-time payments between bank accounts without going through intermediaries.

“At IPS, we are glad to celebrate the one-month brand rollout milestone, which provides a good test-run ahead of our formal launch in the coming weeks,” said IPSL chief executive Jennifer Theuri.

“So far, we have managed to link more than two million bank customers on PesaLink drawn from 22 member banks and we hope to significantly raise this number in the next few weeks as we continue to on-board more banks,” said Ms Theuri.

The platform allows registered users to transact as low as Sh10 up to Sh999,999 across the banking system at a low cost.

Banks on the platform so far include I&M, CBA, First Community, Paramount, Jamii Bora, ABC Bank, Bank of Africa, Spire and Equity banks.

Others are Co-op, Barclays, Credit Bank, DTB, Guardian, Middle East, NIC, StanChart, Prime Bank, Victoria Bank, Gulf African, Consolidated and Stanbic banks.