Kenyan banks, under the leadership of the Kenya Bankers Association (KBA), have expressed their intention to focus on instant payments to reclaim their share in the money transfer industry.
The KBA has instructed its member banks to guarantee that transactions below 1 million Kenyan shillings through PesaLink are speedily processed, aligning with the National Payments Strategy of Kenya.
Through PesaLink, KBA is confident that it will be able to not only regain lost market share but also establish itself as a leader in the industry.
KBA is working to improve customer satisfaction and promote expansion in the banking industry by offering instant payment options.
PesaLink’s success in real-time digital transfers can be attributed to its seamless and secure platform, making it a preferred choice for many consumers.
By focusing on the speed and convenience of transfers, PesaLink has been able to establish a position in the market, even in the face of stiff competition from mobile money providers.
To regain market share, PesaLink continues to innovate and adapt to changing consumer preferences, ensuring that its platform remains ahead of its competitors in terms of technology and user experience.
Despite the significant increase in PesaLink’s real-time digital transfers, mobile money services like M-PESA remain the top choice in the market, making transactions worth Ksh.35.86 trillion in the previous fiscal year.
Mobile money’s current dominance can be attributed to the convenience it offers to users, allowing them to easily transfer money, pay bills, and make purchases with just a few clicks on their phones.
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The low transaction fees associated with mobile money compared to traditional banking methods also make it a more attractive option for many consumers.
With its user-friendly application and widespread availability, mobile money has quickly become the preferred choice for millions of people around the world. Instant transactions are a key component of KBA’s strategy to strengthen PesaLink as a fast and reliable payment platform.
Member banks are required to prioritize this directive to provide customers with seamless and efficient transactions for amounts under 1 million Kenyan shillings. By ensuring instant processing, KBA aims to enhance the overall user experience and encourage more individuals and businesses to utilize PesaLink for their payment needs.
This will contribute to the growth and success of the platform in the competitive digital payment world.
By improving the efficiency and accessibility of electronic payments through PesaLink, KBA is helping to achieve the goals set out in the National Payments Strategy.
This initiative will make it easier for individuals and businesses to transact electronically, contributing to a more sustainable and inclusive financial system in Kenya.
With Integrated Payments Service Limited (IPSL), a subsidiary of KBA, at the helm, the banking industry is expected to change the way transactions are conducted in Kenya.
By promoting PesaLink as the go-to platform for instant payments, banks can offer a competitive alternative to mobile money services.
This initiative not only promotes collaboration among banks but also ensures a smooth and secure payment experience for both consumers and merchants. PesaLink, a service offered by the Kenya Bankers Association (KBA), is a convenient way to transfer funds electronically between Kenyan bank accounts in real time.
You can find information on PesaLink, including transaction charges, contact details, and daily transfer limits, through the official KBA website or directly through your bank’s mobile app.
As PesaLink continues to expand its services and reach, it is positioned to play a key role in shaping the future of financial transactions in Kenya.
Stay tuned for further developments in PesaLink, as the future looks bright for financial transactions in Kenya.