Kenyan bankers on Thursday unveiled mobile cash transfer system that is set to take on M-Pesa.
The system was unveiled after five years of negotiations and is expected to launch in March.
The platform dubbed PesaLink will enable bank customers to move between Sh10 and Sh999,999 from one account to another. PesaLink is jointly owned and operated by banks through Integrated Payment Services Limited (IPSL), a subsidiary of the Kenya Bankers’ Association (KBA).
The Central Bank has approved 12 out of 42 banks to roll out the PesaLink product.
In addition to mobile money platforms, PesaLink will also be accessible to customers via ATMs, internet banking platforms as well as bank branches and agencies.
The banks offering PesaLink services are Standard Chartered, Co-Operative Bank, Barclays Bank, Guardian Bank, Victoria Commercial Bank, Credit Bank, Prime Bank and Middle East Bank.