Kenya Bankers Association through its fully owned financial technologies firm -Integrated Payment Services Limited (IPSL)-has today officially launched PesaLink, a bank-to-bank money transfer platform, after a four-month pilot phase.
The flagship product for IPSL was officially launched this morning by National Treasury Cabinet Secretary, Henry Rotich among other players in the local financial services sector.
To celebrate the launch, IPSL service subscribers’ will enjoy free access and tariff free services on the platform for the next two months to further encourage the product uptake.
Speaking at the launch event, KBA Chief Executive Habil Olaka, said, in the short period PesaLink has been in operation, the service has enjoyed a steady growth in customer deposits, signed 26 banks onto the platform and has processed more than Sh2.5 billion worth of transactions.
“PesaLink, which offers affordable money transfer rates and allows for instant inter-bank transactions, is one of the many breakthroughs the financial sector has offered to the market. We have more to offer as we continue innovating for the future,” he added.
The platform aims to speed up bank-to-bank money transfer transactions of between Sh10 and Sh 999,999 across five platforms – mobile (USSD & Apps), internet banking, ATM, branch front office, agency banking and POS branches.
Founded under the Central Bank of Kenya’s National Payment System (NPS) guidelines, IPSL provides a platform aimed at harnessing the potential of digital payment solutions for the local market.
The platform has been developed to provide interoperability and related technology solutions for local commercial banks.