12 Kenyan banks will pioneer the launch of the PesaLink mobile money platform that will allow person-to-person transfer of between sh.10 and sh.1,000,000.
READ: KENYAN BANKS TO LAUNCH MOBILE MONEY PLATFORM
PesaLink is jointly owned and operated by banks through Integrated Payment Services Limited (IPSL), a subsidiary of the Kenya Bankers’ Association (KBA).
“The system will enable users to transact as low as Sh10 and as much as Sh999,999 across the banking system,” said KBA chief executive Mr Habil Olaka.
So far, the system has only been enabled for person-to-person transfers. Customers will be able to move money between accounts on the system in real-time.
This is widely seen as the industry’s answer to M-Pesa’s dominance given that transactions carried out via PesaLink will bypass traditional telecom operators.
In addition to mobile money platforms, the service will also be accessible to customers via ATMs, internet banking platforms as well as bank branches and agencies.
The banks offering PesaLink services are Standard Chartered, Co-Operative Bank, Barclays Bank, Guardian Bank, Victoria Commercial Bank, Credit Bank, Prime Bank and Middle East Bank.
IPSL says that it expects 27 more banks to come on board within a month.