Sure at the FT Africa Payments Innovation Summit on Wednesday this week. The banks and telecoms were cozily enjoying the podium chatting how the two can complement rather than compete against each other.
Truth be said, banks from the go were against telecoms taking up roles that were traditionally a reserve for the banking institutions. The hard reality is that the telecoms’ innovation, mobile money payment solutions, better served the Kenyan mass market is ways banks failed to address. Their resolution to work with (instead of against) telecoms could be likened to forced cohabitation with undertones of disgruntlement.
PesaLink is a jab by the Banking fraternity to Mobile Money Services
Jointly the banks under an umbrella company founded by the Kenya Bankers Association, Integrated Payment Services Limited (IPSL) came up with PesaLink. A money transfer payment solutions that enable customers to transfer money between different bank accounts and make payments.
Customers can access PesaLink services from the convenience of a mobile app, the internet, banks’ ATMs, bank agents’ outlets, and in banks’ branches. So far, 22 local banks have been approved by the Central Bank of Kenya …read more
Read more here:: 2 Months down the road, PesaLink users hit 2 Million and counting