PesaLink named Best Banking Innovation at global fete

PesaLink has breached the Sh15 Billion value mark in the number of gross transactions

KBA chief executive Habil Olaka (right), Integrated Payment Services boss Jennifer Theuri and KBA vice-chairman John Gachora at the launch of PesaLink in February 2017
KBA chief executive Habil Olaka (right), Integrated Payment Services boss Jennifer Theuri and KBA vice-chairman John Gachora at the launch of PesaLink in February 2017

Pesalink, the money transfer service owned by 42 Kenyan bankers has scooped a global award barely eight since it was launched.

The platform operated by Kenya Bankers Association (KBA)’s subsidiary Integrated Payment Services Limited (IPSL) won Best Banking Initiative Award in the just concluded 10th annual Emerging Payments Awards held in London on Thursday evening.

The Emerging Payments Awards recognizes and celebrates the best the payments industry has to offer.

Under a joint entry with Finnish software firm and one of Europe’s largest IT services provider Tieto, IPSL has managed to share the limelight with leading global technology brands including Apple Pay and Amazon Pay. The two American payment solution firms picked the Best Proximity or Contactless Payment Solution and Best Online Payments Solution award categories respectively.

Jennifer Theuri speaking when she received the award news, said the global award would serve to renew the firm’s commitment to deliver valued added FinTech solutions to boost financial inclusion in Kenya.

“At IPSL, we are excited that our efforts are receiving global attention and we wish to dedicate this award to our Commercial Bank partners and their clients for continued support,” Theuri said, adding that, “Thanks to the support of these stakeholders, PesaLink has managed to breach the Sh15 Billion value mark in the number of gross transactions recorded in the system, barely six months into its launch.”

The Emerging Payments Awards are the highlight of the payments innovation calendar in Europe and beyond. The awards celebrate innovation, collaboration and emerging payments by recognising companies that have made significant advances in how we pay today. The winners are announced in style at a glittering ceremony attended by 700 of the industry’s most senior opinion-formers and decision-makers.

The PesaLink platform is an inter-banking money transfer service that allows customers to send money from one bank account to another bank account in real time on all banks’ retail payment channels including mobile, ATM, Internet banking, Agency, Bank branches and POSs.

The PesaLink platform allows the registered users to transact as low as Sh10 to as much as Sh999, 999 across the banking system at a low cost comparatively.

The currently, the  platform is available customers of 30 commercial banks.

Join the Conversation