Over the past decade, Kenyan commercial banks bet on mobile network operators to effect mobile money transfer and digital payments - usurping sizable market share in the financial sector.<p>After years of negotiations and false starts, the Kenya Bankers Association in 2016 launched Pesalink through a subsidiary Integrated Payments Services Ltd (IPSL).
The interbank money transfer platform Pesa Link launched last February transacted Sh8 billion in the five months to August 4. The platform is offered by Integrated Payment Services Ltd (IPSL), a fully-owned subsidiary of Kenya Bankers Association (KBA), and can handle person-to-person transfers from as low as Sh10 to a high of Sh999,999. According to Jennifer Theuri, CEO of IPSL, the platform’s subscriber base has continued to grow with the number of banks adopting it rising to 28, with other unnamed banks lining up to join.
Local investors wishing to invest in M-Akiba, the government issued retail bond, can now enjoy higher transaction limits with PesaLink, the real time interbank money transfer service.