Sep 26, 2017 Last Updated 8:34 AM, Sep 26, 2017

23 Kenyan banks sign up to mobile banking platform

money africaABNABN - Mobile banking platform PesaLink is now being used by around half of Kenya's national banks, as the e-transaction service grows in popularity.

The Kenya Bankers Association (KBA) has revealed that at least 23 banks have signed up to the platform, which is seen as an increasingly attractive alternative to services offered by telecommunications companies.

KBA chief executive Habil Olaka said: “We are making approvals almost every other day and eventually we expect all the 43 commercial banks to join as well as the micro finance banks.

“Some banks may take longer to get all the approvals including from their group offices outside Kenya, but so far so good.”

PesaLink allows users to instantly send and receive funds across different banks, and follows the launch of M-Pesa in 2007 by Vodafone for Safaricom and Vodacom, Kenya’s largest mobile network operators.

The PesaLink service continues rival M-Pesa and will claim an advantage as it allows customers to transfer up to Sh1 million through mobile phones, whereas M-Pesa limits daily cash transfers to Sh140,000.

@ABNetworkOnline

 

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