The platform manages to attain a less than 10-seconds transaction turnaround rate
A total of 2 million bank customers have signed up for the newest money transfer service, Pesa Link owned by the bankers’ umbrella body, Kenya Bankers Association. This milestone has been achieved barely two months after the initiation of the service by local Financial Technologies (FinTech) solutions delivery firm Integrated Payment Services Limited (IPSL) a company that is wholly owned by the Kenya Bankers Association.
A total of 22 Banks approved by the Central Bank of Kenya (CBK) to provide the interbank money transfer service, are now processing huge daily transactions. Pesa Link is a money transfer solution that can be accessed on at least five bank channels. The service affords bank customers registered on the platform to make real time interbank payments, around the clock, without having to go through any intermediaries on any of the five bank channels including; Mobile devices, Internet, Automated Teller Machines (ATM), Bank branches or Commercial bank Agency outlets.
Speaking during confirmation of the monthly progressive milestones, IPSL Chief Executive Officer, Jennifer Theuri said that the banks on the platform have also managed to achieve straight through processing of Pesa Link transactions. Most banks on the IPSL platform, she said, have managed to consistently record impressive average turnaround rate for transactions on the platform.
“At IPSL, we are glad to celebrate the one-month brand rollout milestone which provides a good test run ahead of our formal launch in the coming weeks. So far, we have managed to link more than 2 million bank customers on Pesa Link drawn from 22 member banks and we hope to significantly raise this number in the next few weeks as we continue to on-board more banks,” she says.
The Pesa Link platform allows the registered users to transact as low as Sh10 to as much as Sh999,999 across the banking system at a low cost comparatively. The Kenya Bankers Association (KBA), recently unveiled the Pesa Link brand and commenced a phased rollout of the digital payments platform, expected to cut the cost of transactions and transform the way consumers interact with their banks.
The 22 CBK licensed Banks on the IPSL platform include; I&M Bank Kenya, CBA, First Community Bank, Paramount Bank, Jamii Bora Bank, ABC Bank, Bank of Africa, Spire Bank and Equity Bank. Other Banks include; Cooperative Bank, Barclays Bank of Kenya, Credit Bank Ltd, DTB, Guardian Bank, Middle East Bank, NIC Bank, Standard Chartered Bank, Prime Bank, Victoria Bank, Gulf African Bank, Consolidated Bank and Stanbic Bank.
Founded under the Central Bank of Kenya’s National Payments System (NPS) guidelines, the platform has been developed to provide interoperability and related FinTech solutions for banks. IPSL will also inform policy direction and manage the risks associated with payment systems in the market, while providing technical and related guidance to KBA member banks.