Kenya’s IP scheme is still relatively new and finding its feet within the payments ecosystem, with strong growth at 70% YOY. However, this high rate of growth is coming off a small base and the IP market’s overall volume is hindered by a high unbanked population with prominent usage of mobile money apps.
PesaLink is a real-time interbank money transfer solution operating 24/7/365, launched by the Kenya Bankers Association (KBA) in February 2017. The platform was built and is managed by Integrated Payment Services Limited, a fully owned subsidiary of KBA. As of January 2020, there were over three million registered accounts on PesaLink.
PesaLink enables customers to transfer funds from one bank account to another instantly via various channels, including online and mobile banking, ATMs, bank branches, USSD and agency banking. Funds can be transferred using a recipient’s bank account number, mobile number, credit card or debit card. Available for both individuals and businesses, it enables P2P transfers, bill payments and payments for goods and services.
It also facilitates transfers in foreign currencies including euros, U.S. dollars and British pounds. Users are allowed to transfer values from a minimum of KES10 ($0.10) to a maximum of KES999,999 ($9,815).