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