Kenyan bankers launch mobile payment platform

2017-02-16 10:39:34 GMT2017-02-16 18:39:34(Beijing Time) Xinhua English

by Ronald Njoroge

NAIROBI, Feb. 16 (Xinhua) -- Kenyan bankers on Thursday launched a mobile payment platform that aims to reduce the cost of financial transactions in the country.

Kenya Bankers Association (KBA) CEO Habil Olaka told a media briefing in Nairobi that the PesaLink digital platform will provide bank customers with a competitive person-to-person money transfer platform.

"The system will enable users to transact as low as 10 U.S. cents to as much as 9,999 dollars across the banking system," Olaka said.

According to Olaka, the innovative product will place Kenya's economy squarely in the digital age and quicken the pace of adoption of e-commerce and mobile commerce.

Pesalink can also be utilized through internet banking, ATMs and agency banking.

Last week, KBA received the approval of the Central Bank of Kenya to initiate the roll-out of the digital platform to banks and their customers.

Out of the 43 commercial banks in Kenya, 12 will immediately begin a phased implementation of the platform.

Olaka said that the platform reflects the birth of a revolutionary product that will transform the banking experience for all Kenyans.

"It will conveniently power the economy by providing payment linkages that meet the bank customers needs cost-effectively," he added.

The umbrella body of the banking industry said that the product will incorporate a solid e-government payment engine that will support public sector payments.