• About Us
  • Archives
  • SWG Registration
Samrack Media
Mahiga Homes
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events
No Result
View All Result
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events
No Result
View All Result
Samrack Media
No Result
View All Result

Banks unveil own mobile money platform allowing transfer of nearly Sh1m

samrack by samrack
February 19, 2017
in Diaspora, Kenya, Kenya Diaspora News, Mobile Applications, Mobile Banking, U.S Diaspora
A A
0
Banks unveil own mobile money platform allowing transfer of nearly Sh1m
Share this
FacebookTwitterPinterestEmailWhatsAppLinkedIn
PESALINK IS THE BANKS’ ANSWER TO M-PESA AND IT IS THE BANKS’ WAY OF COMPETING IN A MARKET WHERE MOBILE MONEY IS INCREASING TO THE COUNTRY’S ECONOMY

Banks unveil own mobile money platform allowing transfer of nearly Sh1m

Twelve banks have said they are ready for their customers to sign up on PesaLink, a new mobile banking platform that allows users to transfer nearly Sh1 million in a single transaction.

PesaLink is a brainchild of Kenyan banks through which they hope to grab a bigger chunk of the electronic payments market currently tightly held by the telecoms-operated mobile money platforms.

Standard Chartered, Co-operative Bank, Barclays Bank,  Commercial Bank of Africa, I&M Bank, Diamond Trust Bank, Gulf African Bank, Guardian Bank, Victoria Commercial Bank, Credit Bank, Prime Bank and Middle East Bank customers have access to the service so far. About 27 more banks, which are carrying out pilot tests in line with Central Bank of Kenya (CBK) requirements, are expected to come on board the new platform within a month.

SUMMARY

  • So far, the system has only been enabled for person-to-person transfers.
  • Customers will be able to move money between accounts on the PesaLink system in real-time.
  • 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.
  • Transaction fees will vary depending on the bank that customers use to access the PesaLink service.

Customers on PesaLink can make real-time transfers of a minimum Sh10 and a maximum Sh999,999. Fees will vary depending on the bank through which customers access PesaLink, although they have waived charges on all transactions up to Sh500.

“We were specifically trying to provide a service that is available to the consumer, even at the base of the pyramid,” said Kenya Bankers Association (KBA) chief executive Habil Olaka.

Banks jointly own and operate PesaLink through the Integrated Payment Services Limited (IPSL), a subsidiary firm of the lenders lobby, KBA. After the Sh500 threshold, IPSL will charge each of the banks a fee of between Sh10-Sh12 per transaction. The decision on whether to or how to pass on these costs to consumers will lie with specific banks.

The platform was launched yesterday following the CBK approvals for the first batch of banks to begin providing services on PesaLink.  Each of the banks will customise and integrate PesaLink onto its own mobile banking platforms. This will be through the use of mobile phone applications or Unstructured Supplementary Service Data (USSD) codes.

PesaLink is different from the major mobile money platforms in Kenya in that it will not be housed within a SIM card application such as Safaricom’s M-Pesa or Equity Bank’s Equitel.

Mr Olaka said banks had opted to avoid the SIM card route due to the complex processes associated with getting mobile network operator licences. PesaLink will also be integrated into ATM networks. To deposit or withdraw money onto accounts, customers will have to either visit bank branches or agency banking outlets.

Banks are at a disadvantage relative to the existing mobile money services which have built relatively robust agency networks across the country. While this first phase of roll-out will focus on person-to-person transfers, there are intentions to integrate bill and goods payment services in the second phase of the project.

Bankers also plan to target increasingly digitised government services.

“Beyond the retail payments advantage, we also hope to build a solid e-government payment engine to support public sector payments,” said Mr Olaka.

 

Mobile money has become an integral part of commerce in Kenya over the last decade. In the nine months to September 2016, Sh2.46 trillion was transacted via mobile money. The business has thus far been dominated by telcos, in particular Safaricom through its M-Pesa service.

However, banks are becoming increasingly aggressive in their quest for a bigger share of the business.

Equity Bank’s Equitel service went live in 2015. Since then, Equitel has become the second largest mobile money service in Kenya in terms of transaction values.

Banks claim that PesaLink will have disruptive implications on the local market. Whether this will be the case remains to be seen.

Source:http://www.businessdailyafrica.com/

Tags: (KBA) chief executive Habil OlakaBanks unveil own mobile money platform allowing transfer of nearly Sh1mEquitelEquity Bank’s Equitel service went live in 2015. Since thenKenya Bankers Association (KBA)PesaLinkUnstructured Supplementary Service Data (USSD)
Previous Post

University student, 29, builds Ruai’s largest medical facility

Next Post

Tanzanian Billionaire shares his professional journey at Harvard Africa Business Conference

Related Posts

I received death threats for taking photo with Raila- Woman
Diaspora

I received death threats for taking photo with Raila- Woman

May 22, 2022
Man Claiming to be Kibaki’s Biological Son Demands a Share of His Wealth
Kenya

Man Claiming to be Kibaki’s Biological Son Demands a Share of His Wealth

May 22, 2022
Kenyan Man Wanted in the US over Fraud Granted Bail Pending Extradition Proceedings
Kenya

Kenyan Man Wanted in the US over Fraud Granted Bail Pending Extradition Proceedings

May 22, 2022
DP Ruto picks Rigathi Gachagua as his running mate
Kenya

DP Ruto picks Rigathi Gachagua as his running mate

May 15, 2022
Muteshi Land Grabbing Case Haunts Ruto
Business

Muteshi Land Grabbing Case Haunts Ruto

May 13, 2022
Boyfriend of Missing US-based Kenyan Woman Considered a ‘Person of Interest’ in Her Disappearance
Diaspora

Boyfriend of Missing US-based Kenyan Woman Considered a ‘Person of Interest’ in Her Disappearance

May 13, 2022
Next Post
Tanzanian Billionaire shares his  professional journey at Harvard Africa Business Conference

Tanzanian Billionaire shares his professional journey at Harvard Africa Business Conference

Please login to join discussion
Job Openings Below is a list of current job openings at Northeast Clinical Services, Inc.. Please click on an opening in the list to view details and apply. Job Openings Below is a list of current job openings at Northeast Clinical Services, Inc.. Please click on an opening in the list to view details and apply. Job Openings Below is a list of current job openings at Northeast Clinical Services, Inc.. Please click on an opening in the list to view details and apply.
ADVERTISEMENT
ADVERTISEMENT

Latest News

I received death threats for taking photo with Raila- Woman

Man Claiming to be Kibaki’s Biological Son Demands a Share of His Wealth

Kenyan Man Wanted in the US over Fraud Granted Bail Pending Extradition Proceedings

DP Ruto picks Rigathi Gachagua as his running mate

Muteshi Land Grabbing Case Haunts Ruto

Boyfriend of Missing US-based Kenyan Woman Considered a ‘Person of Interest’ in Her Disappearance

Five Reasons Why Real Estate Increases in Value

Kenya:9,484 children were defiled last year— Health ministry

Standoff at JKIA After Family Refuses to Pick Body of Kin Who Died in Saudi Arabia

Kenyan Nurse Wins Sh29 Million Global Nursing Award in Dubai

We are grateful for your monthly or one-off donations To Samrack Media: Cash App No: 781-888-8770 $SAMRACK001

Money

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency

by samrack
November 19, 2021
0

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency This week sees the launch of a new initiative to equip...

A simple guide to Government Bonds investing in Kenya

A simple guide to Government Bonds investing in Kenya

by samrack
September 17, 2021
0

A simple guide to Government Bonds investing in Kenya A treasury bond (T-bond) is a medium term to long term...

Politics

GOVERNOR MUTUA’S BIG BLOW AS TRIBUNAL STOPS HIM FROM EXITING AZIMIO LA UMOJA ONE KENYA COALITION!!

GOVERNOR MUTUA’S BIG BLOW AS TRIBUNAL STOPS HIM FROM EXITING AZIMIO LA UMOJA ONE KENYA COALITION!!

by samrack
May 11, 2022
0

GOVERNOR MUTUA'S BIG BLOW AS TRIBUNAL STOPS HIM FROM EXITING AZIMIO LA UMOJA ONE KENYA COALITION!!   Governor Alfred Mutua’s...

You are free to use Nairobi expressway from next Saturday – Uhuru

You are free to use Nairobi expressway from next Saturday – Uhuru

by samrack
May 8, 2022
0

You are free to use Nairobi expressway from next Saturday - Uhuru Other than the ban on photography, skaters, pedestrians,...

  • About Us
  • Archives
  • SWG Registration

© 2021 SAMRACK - Diaspora News & Updates; design by: Samrack.

No Result
View All Result
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events

© 2021 SAMRACK - Diaspora News & Updates; design by: Samrack.

Page generated in 0.780 seconds. Stats plugin by www.blog.ca