List of Banks And Financial Institutions Offering Instant Lipa Na M-PESA to Account Transfers

Safaricom has today announced a number of initiatives that seek to further increase the convenience of M-PESA as it continues to extend the gains of mobile money ten years after its launch in Kenya.

Among them is the 50% reduction in Lipa Na M-Pesa transactions where merchants will be charged a maximum of 0.5% of the transaction amount, down from the previous maximum of 1%.

Read more on the story here: Lipa Na M-PESA Transactions Now 50% Cheaper

In this regard,merchants are expected to enjoy the convenience of instant processing of payments made through Lipa Na M-PESA to their bank accounts, with the service now available at 24 participating banks. This will cut down the time that it takes to move money from a Lipa Na M-PESA till to a bank account from as much as 28 hours down to seconds.

Here is a list of the banks and financial institutions offering Instant Lipa Na M-Pesa to Account Transfer. The table shows the Real time settlement Provider,and the Real Time settlement support.

Real Time Settlement Provider
1 Equity Bank USSD + Web
2 Kenya Commercial Bank USSD + Web
3 Co-operative Bank USSD + Web
4 Diamond Trust Bank USSD + Web
5 NIC Bank USSD + Web
6 Standard Chartered Bank USSD + Web
7 Family Bank USSD + Web
8 Stanbic Bank USSD + Web
9 Consolidated Bank USSD only
10 National Bank of Kenya USSD + Web
11 Gulf African Bank USSD + Web
12 Eco Bank USSD + Web
13 First Community Bank USSD only
14 Commercial Bank of Africa USSD + Web
15 Bank of Africa USSD + Web
16 Chase Bank USSD + Web
17 Credit Bank USSD + Web
18 UBA Bank USSD only
19 Jamii Bora Bank USSD only
20 Spire Bank USSD + Web
21 Paramount Universal Bank USSD + Web
22 Prime Bank USSD + Web
23 Sidian Bank USSD + Web
24 Safaricom SACCO

*Safaricom SACCO provides a USSD only Real time settlement support.

editor@biznews.co.ke

 

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Muhatia
Muhatia is the Managing Editor of Biz News Media Reach him via editor@biznews.co.ke