• Latest
  • All
  • How To
Kenyan Banks Go After M-PESA with Inter-Bank Mobile Money Transfer Platform

Kenyan Banks Go After M-PESA with Inter-Bank Mobile Money Transfer Platform

February 16, 2017
Safaricom

Safaricom Breaks Barriers with $3B Milestone and Bold Ethiopia Play

May 9, 2025
Private Number calls

How to Handle Private Number Calls in Kenya

May 8, 2025
Kenya Power EV charging stations

Kenya Power Rolls Out 45 EV Charging Stations Across the Country

May 8, 2025
Bayobab

MTN’s Bayobab Connects Uganda and Kenya with New Fiber Route

May 8, 2025
DHgate Tablet Cases deals
Airtel Africa Starlink partnership

Starlink Is Expanding in Africa Through New Airtel Partnership

May 8, 2025
Android FreeType patch

Android May 2025 Security Update Fixes Critical FreeType Zero-Click Vulnerability

May 7, 2025
worldcoin kenya

Court Ruling Orders Worldcoin to Delete All Kenyan Biometric Records

May 7, 2025
smartphones-2024

Smartphone Market Recovers Slightly in Q1 2025 With Apple, Vivo Leading Gains

May 7, 2025
GTA 6 Trailer 2

GTA 6 Trailer 2: Rockstar Confirms Release Date and Dual Protagonists

May 7, 2025
YouTube Premium Duo

YouTube Now Lets Two People Share a Premium Plan

May 6, 2025
Infinix GT20 Pro

Infinix GT 20 Pro Review: You Don’t Need to Overspend on Gaming Power Anymore

May 6, 2025
Emerald PostPay

Safaricom Transitions Customers to New Emerald PostPay Plans

May 6, 2025
Techweez | Tech News, Reviews, Deals, Tips and How To
  • News
  • Entertainment
  • Reviews
  • Features
  • Editorial
No Result
View All Result
Techweez | Tech News, Reviews, Deals, Tips and How To
  • News
  • Entertainment
  • Reviews
  • Features
  • Editorial
No Result
View All Result
Techweez | Tech News, Reviews, Deals, Tips and How To
No Result
View All Result

Kenyan Banks Go After M-PESA with Inter-Bank Mobile Money Transfer Platform

Emmanuel Chenze by Emmanuel Chenze
February 16, 2017
in News
Reading Time: 2 mins read
259
9

After a long wait, the Kenyan banking industry’s umbrella body, Kenya Bankers Association, has today unveiled its own real-time interbank switch dubbed PesaLink.

The system, which is specifically aimed at mobile phone users, will see customers able to send money to one another and to bank accounts without the need for intermediaries.

Previously, mobile money services like Safaricom’s M-PESA have acted as the link between customers and banks. Customers would send money to their bank accounts and withdraw the same using their mobile devices through M-PESA.

Banks have been keen to reverse that trend with their own product. However, the product has been delayed over and over again. Kenya Bankers Association (KBA) subsidiary Integrated Payments Services Limited (IPSL), which was formed last year, was expected to have delivered the system by May 2016.

According to KBA, PesaLink has been in the making since 2013 when its member banks “decided to invest in an industrywide switch”.

As at the time of its unveiling today, the PesaLink system only allows peer-to-peer (person-to-person) transfers. Transfers to accounts will be made possible in due course. Users can transact amounts from as little as Kshs 10 to as much as Kshs 1 million, all from their mobile phones, according to KBA CEO Habil Olaka who spoke during PesaLink’s unveiling in Nairobi this morning.

A total of 12 banks that have been testing PesaLink before its launch will headline the first phase of the system’s rollout with their customers able to transfer money among themselves using just their mobile phones and receiving instant notifications as soon as transactions are completed. More banks are expected onboard soon as some are said to be in the final stages of their tests and integration with the new system.

The 12 banks are:

  • Standard Chartered Bank
  • Co-Operative Bank
  • Barclays Bank
  • Commercial Bank of Africa (CBA)
  • I & M Bank
  • Diamond Trust Bank
  • Gulf African Bank
  • Guardian Bank
  • Victoria Commercial Bank
  • Credit Bank
  • Prime Bank and
  • Middle East Bank

Costs for transactions made via PesaLink will vary across banks. Safaricom’s M-PESA currently does not charge for all transactions below Kshs 100.

PesaLink will also be accessible via ATMs, banks’ already existing internet banking platforms, bank branches and mobile agents.

Tags: PesaLink
SendShare147Tweet92
Emmanuel Chenze

Emmanuel Chenze

Emmanuel writes on mobile hardware, software and platforms.

Related Posts

Pesalink Sees Rapid Growth in Banking App Usage

PesaLink Reports 35% Growth as Bank Apps Rival Mobile Money in Kenya

March 4, 2025
PesaLink

Safaricom and Kenyan Banks Recommend PesaLink To Unify Payment Systems

February 6, 2025
PesaLink 1 million instant payments

KBA pushes PesaLink for Instant Transfers Under KES 1 Million

April 6, 2024
Kenyan Banks Go After M-PESA with Inter-Bank Mobile Money Transfer Platform

Pesalink To Roll Out Merchant Payment Service to Rival Lipa na M-Pesa

December 17, 2024
PesaLink, Mastercard To Offer Government Payment Solutions

PesaLink, Mastercard To Offer Government Payment Solutions

April 11, 2022
Kenya’s Competition Watchdog Wants Safaricom to Lower its USSD Charges for Mobile Banking Services

Kenya’s Competition Watchdog Wants Safaricom to Lower its USSD Charges for Mobile Banking Services

March 17, 2017

Latest

Safaricom

Safaricom Breaks Barriers with $3B Milestone and Bold Ethiopia Play

May 9, 2025
Private Number calls

How to Handle Private Number Calls in Kenya

May 8, 2025
Kenya Power EV charging stations

Kenya Power Rolls Out 45 EV Charging Stations Across the Country

May 8, 2025
Bayobab

MTN’s Bayobab Connects Uganda and Kenya with New Fiber Route

May 8, 2025
Airtel Africa Starlink partnership

Starlink Is Expanding in Africa Through New Airtel Partnership

May 8, 2025
Android FreeType patch

Android May 2025 Security Update Fixes Critical FreeType Zero-Click Vulnerability

May 7, 2025

Best devices

budget smartwatches 2025

Best Budget Smartwatches To Buy in Kenya 2025

February 13, 2025

Best Infinix Smartphones To Buy in Kenya 2024

February 13, 2025

Best Laptops for Battery Life in 2024

August 21, 2024

Best “Battery Warrior” Smartphones To Buy in 2024

August 22, 2024

Safaricom Breaks Barriers with $3B Milestone and Bold Ethiopia Play

May 9, 2025

How to Handle Private Number Calls in Kenya

May 8, 2025

Techweez is a fast growing influential source of technology news, reviews and analysis by leading tech geeks in the industry.

Follow Us

Editorials

Trump’s Tariffs Will Be the End of Affordable Tech

5 Ways to Prep Your Tech for Resale

The Weaponization of PDFs: How Cybercriminals Are Exploiting a Trusted Format

Introducing A Brainbox Quiz: Techweez’s Monthly Trivia Night!

5 Most Reliable Virtual Dollar Card Providers in Nigeria

5 Leading Grant Management Software for Nonprofits

More News

Court Ruling Orders Worldcoin to Delete All Kenyan Biometric Records

Smartphone Market Recovers Slightly in Q1 2025 With Apple, Vivo Leading Gains

GTA 6 Trailer 2: Rockstar Confirms Release Date and Dual Protagonists

YouTube Now Lets Two People Share a Premium Plan

Infinix GT 20 Pro Review: You Don’t Need to Overspend on Gaming Power Anymore

Safaricom Transitions Customers to New Emerald PostPay Plans

  • Terms Of Use
  • Techweez Brand
  • Privacy & Policy
  • Contact Us

© 2024 Techweez - Palahala Media Group may earn a commission when you buy through links on our sites.
A Palahala Media Group Brand. All rights reserved.
.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Techweez | Tech News, Reviews, Deals, Tips and How To
Crunchy Cookies 🍪 Ahead!

Hey there! Just a heads-up: we're big fans of cookies - both the digital and edible kind! 🍪 We use our cookies and some from third parties to ensure your browsing experience on our site is smooth sailing and secure.

 

But wait, there's more! We also use cookies to gather stats and insights on how you navigate our site. It's like getting a behind-the-scenes peek at your digital adventures!

 

Don't worry, you're in control. You can adjust your cookie settings anytime to suit your preferences. Feeling curious? Dive into our Privacy Policy for all the juicy details. Happy browsing! 🚀

Functional Always active
Listen, this legal stuff is about as exciting as watching paint dry. But it basically says we only use your stuff for what you asked us to do, and nobody else gets to peek!
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
It's those sneaky cookie crumbs websites leave behind to count visitors, like counting ants at a picnic! Totally harmless, just for fun facts. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
Hey there! Just letting you know we use some fancy gizmos to remember your preferences. This way, we can show you ads that are, well, not completely bananas.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Make cookies
{title} {title} {title}
Techweez | Tech News, Reviews, Deals, Tips and How To
Crunchy Cookies 🍪 Ahead!
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
Listen, this legal stuff is about as exciting as watching paint dry. But it basically says we only use your stuff for what you asked us to do, and nobody else gets to peek!
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
It's those sneaky cookie crumbs websites leave behind to count visitors, like counting ants at a picnic! Totally harmless, just for fun facts. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
Hey there! Just letting you know we use some fancy gizmos to remember your preferences. This way, we can show you ads that are, well, not completely bananas.
Manage options Manage services Manage {vendor_count} vendors Read more about these purposes
Make cookies
{title} {title} {title}
No Result
View All Result
  • News
  • Reviews
  • Features
  • Editorial
  • Automotive
  • Entertainment

© 2024 Techweez - Palahala Media Group may earn a commission when you buy through links on our sites.
A Palahala Media Group Brand. All rights reserved.
.