PesaLink has announced an MoU with Mastercard that will see the two firms create digital payment solutions. The move seeks to boost the adoption and usage of digital payments in Kenya.
PesaLink is known to many Kenyans and was established by the Kenya Bankers Association.
It has since grown and consists of 31 banks in the country. It is also used by many payment service providers, SACCOs, and telecommunication companies.
These developments mean PesaLink has nearly 10 million customers.
The MoU implies that PesaLink will take advantage of MasterCard’s tech, partnership, and expertise to go past person-to-person payments.
Some of the new features and use cases that will be introduced include direct-to-consumer digital proposition (app, USSD, web, etc.), agent banking and solutions for business and government payments, collections, and disbursements, both face to face and remote, among others.
Besides offering cyber intelligence solutions as well, Mastercard will also provide advisory and technical support to advance PesaLink’s new strategy.
The MOU aligns with Mastercard’s focus on localizing its solutions to address specific market needs and shows a deep understanding of the dynamics of the banking ecosystem in Kenya.
“The payments landscape in Kenya is developing at a rapid pace and customer demands are growing. To deliver the choice, security, and flexibility that Kenyans need – and increasingly expect – we are delighted to collaborate with Mastercard to create a range of payment solutions that are easy to access, secure, affordable, and always available.
“This collaboration with Mastercard is pivotal in providing millions of Kenyans with financial solutions that meet their needs, furthering our goal to accelerate the adoption and usage of digital payments in the country,” said Gituku Kirika, CEO of PesaLink.