PesaLink subscribers to enjoy free access and tariff free services for two months

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(L-R) Jeniffer Theuri, IPSL CEO, Habil Olaka KBA CEO, Lamin Manjang KBA Chairman, Henry Rotich CS National Treasury and Sheila M’mbijiwe CBK Deputy Governor during the launch of PesaLink

The Kenya Bankers Association (KBA) through its fully owned financial technologies firm -Integrated Payment Services Limited (IPSL), has officially launched PesaLink, a bank-to-bank money transfer platform, after a four-month successful pilot phase.

The flagship product for IPSL was officially launched by National Treasury Cabinet Secretary, Henry Rotich among other players in the local financial services sector. For start, IPSL service subscribers’ will enjoy free access and tariff free services on the platform for the next two months to further encourage the product uptake.

Jeniffer Theuri, IPSL CEO and Habil Olaka KBA CEO addressing the media during the PesaLink launch.
Jeniffer Theuri, IPSL CEO and Habil Olaka KBA CEO addressing the media during the
PesaLink launch.

Speaking during the launch, KBA Chief Executive officer Mr. Habil Olaka said the service has enjoyed a steady growth in customer deposits for the short period  it has been operational with about 26 banks signed onto the platform thus processing more than Kshs2.5 billion worth of transactions.

“Since we set up, IPSL, to address the challenge of integrating retail payments in the country, we have witnessed the need to offer solution-based products to the market,” said Habil Olaka.

PesaLink, which offers affordable money transfer rates and allows for instant inter-bank transactions, is one of the many breakthroughs the financial sector has offered to the market, as it promises  more innovating solution for future.

According to KBA and its members, PesaLink was borne out of the need to provide a secure, fast and efficient money transfer system by tapping into the latest technological advances.

The platform aims to speed up bank-to-bank money transfer transactions of between Kshs10 and Kshs999, 999 across five platforms – mobile (USSD & Apps), internet banking, ATM, branch front office, agency banking and POS branches.

“With mobile penetration in Kenya standing at 90% as at December 2016, the prospects of financial penetration are on the rise hence opportunities abound. PesaLink is a step towards the country’s ambition to be a cash lite economy especially with our offering of a real-time interbank transaction framework,” said Jenifer Theuri, IPSL CEO.

Founded under the Central Bank of Kenya, National Payment System (NPS) guidelines, IPSL provides a platform aimed at harnessing the potential of digital payment solutions for the local market. The platform has been developed to provide interoperability and related technology solutions for local commercial banks. IPSL will also inform policy direction and manage the risks associated with payment systems in the market, while providing technical and related guidance to KBA member banks.

“We have much more planned for the future. We foresee the platform enabling money transfers of multiple currencies, we shall venture into online services, we shall reach out to the unbanked through changing from cash to code, we shall facilitate B2P transactions and even venture into partnerships with the government and other financial institutions apart from banks,” she said.

KBA pledged to continue supporting the national government’s efforts to foster financial inclusion. This, they say, is anchored on their recently launched brand ethos and ambition statement, ‘One industry. Transforming Kenya’

26 banks which have all been approved by the Central Bank of Kenya (CBK) to transact on PesaLink includes; ABC Bank, Bank of Africa, Barclays Bank, CBA, Consolidated Bank, Cooperative Bank, Credit Bank Ltd, DTB, Equity Bank, Family Bank, First Community Bank, Guardian Bank, Gulf African Bank, I&M, Jamii Bora Bank, KCB Bank, KWFT Bank, Middle East Bank, NIC Bank, Paramount Bank, Prime Bank, SCB KE, Sidian Bank, Spire Bank, Stanbic Bank and Victoria Bank.

 

 

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