November 11, 2019 All Things Fintech in Africa

PesaLink, Kenya’s Payment System

 

What is PesaLink?

Pesalink is a payment system launched by the Kenya Bankers Association (KBA). This is a digital solution which offers bank-to-bank transfers at a relatively low cost in Kenya. It is a rather convenient way to fasten interbank transfers.

How it works? 

Pesalink is available both on online banking, mobile app and USSD mobile banking.  Users can transact either using SCB online banking to send money through Pesalink. Or transact on Pesalink using USSD mobile banking.

Services available on Pesalink:

  • Efficient, secure and fast interbank money transfers. You can transfer a minimum Kshs 10 to a maximum of Ksh 999,999 to another person.
  • Transfer of funds from your bank account to your mobile phone.
  • Transfer of foreign currencies. Currencies available on Pesalink include euro, US Dollar, and the British pound.
  • Payment of goods and services.

 

In February 2017, Pesalink was started by the Kenya Bankers Association through Integrated Payments Solutions. Its aim is to tackle the problems of linking retail payments. Asides, linking retail payments, PesaLink offers a couple of other solution. There are over 30 banks representing 99 per cent of the active bank accounts linked to the network they include;

  1. Citi Bank
  2. ABC bank
  3. Bank of Africa
  4. CBA
  5. Barclays Bank
  6. Credit Bank Ltd
  7. Consolidated Bank
  8. DTB
  9. Family Bank
  10. Equity Bank
  11. GT bank
  12. First Community Bank
  13. Guardian Bank
  14. Gulf African Bank
  15. I&M Bank
  16. Gulf African Bank
  17. Guardian Bank
  18. Habib Bank AG Zurich
  19. Jamil Bora Bank
  20. Nic Bank
  21. KCB Bank
  22. KWFT Bank
  23. Middle East Bank
  24. Prime Bank
  25. Spire Bank
  26. Sidian Bank
  27. Stanbic Bank
  28. Victoria Bank
  29. National Bank of Kenya
  30. Standard Chartered Bank.

Recently, PesaLink revenue hit Sh220b; this is a two-fold increase from the Sh87 billion transacted last year October. According to IPSL Chief Executive Agenes Gathaiya, Pesalink plans to go ten-fold.

Banner
Related Posts

Carbon, formerly Paylater now charges One Percent Transaction fee.

August 25, 2019

August 25, 2019 1

  Introduction Carbon, the lending platform formerly known as paylater started an app which not only allows one to borrow...

MTN in a Partnership with Ericsson has launched an Open API platform in Ghana

October 24, 2019

October 24, 2019

  Introduction MTN mobile money fondly known as MOMO has expanded to Ghana. The open API platform launched is to...

World Remit: A FinTech Startup Revolutionizing Money Transfer and Remittance  

April 17, 2019

April 17, 2019 1

World Remit, in short, is money transfer and remittance made easy. Within minutes of transactions, funds are being directly deposited...

M-Naria’s Three Cool Features you had no Idea about

April 30, 2019

April 30, 2019

  M-naira is the new way of making transfers across countries. Before now, if one wanted to send money from...

Paga, Nigeria’s Mobile Money Operator Crosses 1.5 Trillion Naira in Transaction

August 12, 2019

August 12, 2019 1

Paga, Nigeria’s Mobile Money Operator Crosses 1.5 Trillion Naira in Transaction Value Earlier today, the CEO of Paga, Nigeria’s foremost...

PayPal Introduces Invoice API for Online Sellers

August 16, 2019

August 16, 2019

Introduction:                                                                                    Paypal have be able to identify the challenges most small and medium businesses face from: cash flow management,...

JumiaPay: a fintech platform for payments, loans & ticketing

September 5, 2019

September 5, 2019

  Jumia, an e-commerce platform for Africa backed by MTN and Rocket Internet has introduced new features on JumiaPay. The...

FlutterWave Partner with AliPay to Foster Payments between Africa and China

August 7, 2019

August 7, 2019

FlutterWave, a Lagos-based fintech, has partnered with AliPay, a Chinese e-payment solution to foster digital payments between Africa and China....

With Wallet you can Upgrade your Daily Personal and Financial Experience

April 25, 2019

April 25, 2019

  Wallet is an app that enables you to make quick financial decisions daily. With ease and convenience, banking has...

Paypal Launches Xoom in the African market

August 25, 2019

August 25, 2019

  PayPal in 2015 brought xoom, a money transfer company which now serves 33 African countries from about 30 European...

 FlutterWave:  Creating Financial Accessibility With Digital Payment Solutions

September 27, 2019

September 27, 2019

Introduction:  Sometimes, I feel the technology is  man’s coolest invention. Digital bank is the newest rave of the now, which...

Konga Pay : Features you never knew  about and How it Works.

May 7, 2019

May 7, 2019

Konga Pay is a pilot product launched by Konga.com in 2015 for online shoppers.  Shopping on Konga was made easier...

GONA Raises Multi-Million Dollar Investment in Nigeria

August 19, 2019

August 19, 2019

What’s GONA? Gona is a payment platform that enables seamless and cashless payment in public buses. The problem Gona is...

ORide; Nigeria’s Bike hailing Service launched by OPay

June 6, 2019

June 6, 2019 1

ORide, a bike-hailing app launched under the hub of OPay intends to make going around Lagos easier. On the average...

Carbon Plans to Launch a Micro Insurance and Digital Wallet in Kenya

October 24, 2019

October 24, 2019

  Carbon is a Nigerian instant loan, investment, and payment   digital service,  planning to launch new operations  in Kenya.   In...

Comments
Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.