Kenya Bankers Association (KBA) has launched a new digital payments platform called PesaLink in collaboration with the Central Bank of Kenya (CBK).
The new mobile payments service that will take on MPesa will be managed by Integrated Payment Services Limited (IPSL), a fully-owned subsidiary of KBA.
KBA said that more than 12 banks will enable consumers to make real-time mobile person-to-person (P2P) payments from $0.10 up to $9,650 at any time without contacting intermediaries.
KBA vice chairman John Gachora said: “What PesaLink demonstrates is that KBA and the member banks are aware of their duty to serve customers, innovate and create value for our economy.
“PesaLink is proof that the banking industry has embraced the technology revolution sweeping across the payments industry.”
The lenders which will start implementing PesaLink are: Standard Chartered Bank, Co-Operative Bank, Barclays Bank, Commercial Bank of Africa (CBA), I & M Bank, Diamond Trust Bank, Gulf African Bank, Guardian Bank, Victoria Commercial Bank, Credit Bank, Prime Bank and Middle East Bank.