This archive report was first published on 20 September 2019.
Kenya's PesaLink payment system has seen a remarkable surge in transactions, reaching Sh220 billion. This is more than double the Sh87 billion transacted by October last year.
Launched in 2017, PesaLink facilitates real-time inter-bank transactions, enabling customers to transfer cash from their own account to those held in other banks or wire money to their mobile phones.
According to Integrated Payments Services Ltd (IPSL) Chief Executive Agnes Gathaiya, the number of transactions continues to grow, with an average of 100,000 transactions in a month. The company plans to grow transaction volumes ten-fold in the next six months once its awareness campaign is underway.
PesaLink has also been linked to eCitizen, allowing Kenyans to pay for government services. However, the system has faced reports of internal fraud, prompting PesaLink to cap inter-bank transfers during the festive season.
Published on September 20, 2019.
