Nov 21, 2017 Last Updated 10:19 AM, Nov 20, 2017

Kenyan money transfer platform PesaLink attracts 3.5 million customers

money africaABNABN - Since launching in February this year, Kenyan money transfer platform PesaLink has garnered 3.5 million customers, transacting roughly US$77.3 million in the five months to August.

The e-transaction service allows customers to move money from their bank accounts via mobile phone, and has been seen as an appealing alternative to services offered by telecoms firms such as Safaricom’s M-Pesa.

PesaLink is operated by Integrated Payment Services Ltd (IPSL), a subsidiary of the Kenya Bankers Association (KBA), and does not charge for transactions below Sh500 with fees on values above this are a flat rate of 11 shillings.

The platform has also continued to attract national banks, with its subscriber base rising to 28 Kenyan banks according to CEO of IPSL Jennifer Theuri.

“The PesaLink platform has continued to enjoy operational success. More banks have received regulatory approval from the Central Bank of Kenya,” said Theuri.

Customer numbers to PesaLink were also boosted by the recent addition of mobile bond purchasing platform M-Akiba to its service.

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