Kenya Bankers Association (KBA recently launched PesaLink a digital payment platform that is expected to reduce the cost of transactions and improve bank to bank money transfer.  KBA CEO Habil Olaka denied that PesaLink is out to compete with Mpesa and other mobile money transfer platforms.

 
What is PesaLink and How does it work

 
PesaLink enables customers to make payments between banks in real-time, around the clock, without having to go through intermediaries. The peer-to-peer (P2P) product (PesaLink) is offered by Integrated Payment Services Limited (IPSL), a subsidiary of KBA.

 
PesaLink has been developed as a complementary tool to existing bank products, including mobile money transfer and related wallets.  PesaLink has also been designed using world-class technology necessitating the integration of a robust network security assurance and fail over system to ensure service availability.

 
List of Banks that Use Pesalink

 
Although other banks have said that they will join the platform, the banks below have already  completed the pilot exercise and have received product approvals;

 

• Standard Chartered Bank
• Co-Operative Bank
• Barclays Bank
• Commercial Bank of Africa (CBA)
• I & M Bank
• Diamond Trust Bank
• Gulf African Bank
• Guardian Bank
• Victoria Commercial Bank
• Credit Bank
• Prime Bank
• Middle East Bank

The rest of the banks are in various stages of testing the system before implementation.

 

How to start using PesaLink or Register

 

1. Access your bank using your preferred device/ channel
2. Select the PesaLink option on your bank’s menu
3. Select “Primary Account”
4. Select YES/NO to make it your primary account.
5. Confirm details of the transaction
6. After pressing Confirm, You will receive a confirmation notification

How to send Money to multiple accounts using PesaLink

1. Access your bank using your preferred device/ channel
2. Select the PesaLink option on your bank’s menu
3. View the PesaLink menu options
4. Select “Send to Phone”
5. Enter the Recipients Phone Number
6. Select the recipients’ Linked Accounts
7. Enter the amount to send
8. Enter the Reason for Payment
9. Confirm details of the transaction
10. After pressing Confirm, You will receive a confirmation notification

How much money can you send with PesaLink

PesaLink enables users to transact a minimum of KSh. 10 a maximum of KSh. 999,999 across the banking system.

For any Inquiry about PesaLink contact: Phone Number +254 20 221 9520/+254 20 222 1792

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Do not miss our update on the benefits/advantages and disadvantages of using PesaLink Kenya and a review from customer experience