July 25, 2021 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

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...

PayStack Introduces USD Payouts into Zenith Banks  

December 11, 2019

December 11, 2019 1

Table Of ContentsIntroduction: What’s USDHow Paystack USD settlements works?  Introduction:  PayStack introduced USD settlements which allow Paystack merchants to list...

Nigeria’s Paga Acquires Apposit

February 1, 2020

February 1, 2020

Paga is a multi-channel platform for users to transfer money, pay-bills, and buy things digitally. The company has 14 million...

Paga partners with FlutterWave, to Integrate International Payments

March 18, 2020

March 18, 2020

Paga is a Nigerian Fintech Company, that builds solutions to make it simple for consumers and businesses to access and...

Paga Announces a Partnership with Visa

March 18, 2020

March 18, 2020

Paga has partnered with Visa to provide secure and convenient mobile payments solutions. The collaboration will enable Paga and Visa...

Opay Expands as it launches tricycle hailing service, OTrike in Nigeria

August 25, 2019

August 25, 2019 1

  Introduction The opera company, the Chinese-backed startup is giving other fin tech startups a clear run for their money...

Five Online Payment Platforms in Nigeria and How to Use Them

April 5, 2019

April 5, 2019 3

Table Of ContentsIntroduction: What’s USDHow Paystack USD settlements works?I would be writing on Five Online Payment Platforms in Nigeria and...

WorldRemit Goes to a Partnership with AliPay

February 1, 2020

February 1, 2020

WorldRemit Goes to a Partnership with AliPay On January 22, Alipay entered a new partnership with  WorldRemit, a online remittances...

SafriCom has partnered with Ria Money Transfer to Improve International Money Transfers through M-Pesa

January 31, 2020

January 31, 2020

Safaricom has partnered with Ria Money Transfer, to empower more than 26 million M-PESA customers to receive international money transfers...

Top 10 Interesting facts about Interswitch Nigeria

April 11, 2019

April 11, 2019 1

Top 10 Interesting facts about Interswitch Nigeria Today many payment processing companies exist, but Interswitch Nigeria has made an incredible...

PayLink.ng, a new e-payment product launched by System Specs

March 18, 2020

March 18, 2020

Paylink.ng is a payment solution that allows users to receive money instantly into their bank account from anyone, anywhere and...

FlutterWave Partner with AliPay to Foster Payments between Africa and China

August 7, 2019

August 7, 2019 1

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

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...

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...

Zazu Raises $1.4m in an attempt to expand their user base

December 11, 2019

December 11, 2019 1

  Zazu fully started as a digital banking space in 2107.  Previously, Zazu was a platform where farms could connect...

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.