Pesalink mobile money platform by banks in Kenya to compete with Mpesa

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Pesalink Mobile Money platform

Pesalink Mobile Money platform

Kenyan banks have launched a mobile money platform called Pesalink that is to compete with Mpesa, allowing transfer of nearly Sh1m on a single transaction in real-time.

“The Pesalink mobile money system will enable users to transact as low as Sh10 and as much as Sh999,999 across the banking system,” said KBA chief executive Mr Habil Olaka.

Source: Business Daily

At present, the service has only been enabled for person-to-person money transfers. Customers will be able to move money between accounts on it’s system in real-time.

PesaLink mobile money services is offered by Barclays Bank, Standard Chartered, Co-operative Bank, Guardian Bank, Victoria Commercial Bank, Credit Bank, Prime Bank and Middle East Bank.

Other banks on the platform are Commercial Bank of Africa, I&M Bank, Diamond Trust and Gulf African.

The service is jointly owned and operated by banks through Integrated Payment Services Limited (IPSL), a subsidiary of the Kenya Bankers’ Association (KBA).

PesaLink will also be available to customers via ATMs, internet banking platforms, banks and mobile money agency shops.

Mobile money in Kenya is now an essential part of commerce, in the nine months to September 2016, Sh2.46 trillion was transacted through mobile money.

With 27 more banks expected to join the service within a month, it will have disruptive competition on Mpesa and possibly shake up the mobile money industry in Kenya.

Pesalink mobile money transaction charges will vary depending on the bank that customers use to access the service.

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