Safaricom, Standard Chartered In M-Pesa Merchant Settlement Partnership

Lamin Manjang (CEO Standard Chartered Kenya) & Bob Collymore (Safaricom CEO)

Lamin Manjang (CEO Standard Chartered Kenya) & Bob Collymore (Safaricom CEO) Safaricom and Standard Chartered Bank have partnered to launch a real time M-Pesa merchant solution that allows the bank’s business customers and M-Pesa agents to deposit and access their float in real time. The proposition comes after the bank partnered integrated Safaricom’s M-Pesa platform with the Bank’s  payment system. The new solution reduces the time M-pesa merchants take to convert the e-value available to them into cash. Previously, the banks clients used the manual RGTS system, which took a minimum of six hours for the conversion.

Customers using the service will push the e-value from the merchant’s paybill or till number to Standard Chartered paybill 329329. On receiving the e-value pushed by the customer, Standard Chartered Bank will then credit the client’s account. The settlement service will be offered on a 24/7 basis. There is also increased limit as to how much a client can settle per request to Kshs. 50 million from 5 million.

The proposition targets the bank’s entire clientele from business, commercial to corporate. The merchants will be able to transfer and settle as little as Kshs. 10 from the current threshold of Kshs. 35,000. For corporate or business clients using the service,  funds will be transferred from a merchant’s headquarters or through a paybill to paybill number that belongs to their banks.