What is PesaLink in Kenya, and how best can you use the services offered by PesaLink for your transactions?
Some time ago, Kenyans had to wait for interbank transactions to mature for about three to seven days. Nonetheless, with financial-technology developments in Kenya, many problems will soon be a thing of the past.
The Kenya Bankers Association launched PesaLink in February 2017 through its subsidiary Integrated Payment Services Ltd.
In the creation of PesaLink, Integrated Payment Services Limited, IPSL, partnered with Tieto, a Finnish software company.
Kenyans can make real-time interbank transactions, exchange foreign currencies, and pay for goods and services with the PesaLink app.
You shall actually find everything you need to know about PesaLink this post. That is all the advantages that come with using PesaLink in Kenya and other East African countries.
What Is PesaLink?
PesaLink is a new electronic payment solution in Kenya. It is a 24-hour digital payment system in real-time that enables low-cost bank-to-bank transactions. PesaLink is simple, straightforward, safe, and affordable to use anywhere in Kenya.
In actual fact, PesaLink in Kenya is an interbank money transfer system in real-time that enables its customers to send and receive money in real-time from one bank to another, Bank to Phone, and vice versa.
You can use a mobile phone number or bank account number to send or receive money into your bank account through PesaLink.
PesaLink Network is Kenya Bankers Associations’ brainchild and is available in all Kenyan banks affiliated with Kenya Bankers Associations.
PesaLink is managed and operated by the wholly-owned subsidiary of KBA, Integrated Payments Service Limited (IPSL), and was intended to interconnect all banks in Kenya in the first place, including MFIs, Saccos and other switches and MNOs.
How Does PesaLink Work In Kenya?
To be able to enjoy the services of PesaLink in Kenya, a PesaLink account is required using the sign-up website of PesaLink.
- If indeed, you are a returning client, then you need to set up your Profile or sign in to your account. Set up a new account for new users to make a switch.
- Use one of the menus under the PesaLink menu to send money to any of the networks that are the Primary Account, Email, Bank Account Card, or Link your email.
- Use your favorite device/channel to reach your bank (Bank branch, ATM Machine, Mobile Phone, and Internet Banking online).
- Choose the PesaLink option from the device/channel list of your bank. Then pick one of the choices available to send.
How To Register or Activate PesaLink Account?
You can use your favorite device to register and access your bank account details.
To register and activate your PesaLink account in Kenya, follow these steps:
- Choose the PesaLink option from the menu of your bank.
- Choose “Primary Account.”
- Select YES / NO to make your primary account.
- Confirm payment information.
- You need to press the Confirm button for your registration to be successful.
- A confirmation message will be sent to you, indicating that your registration is successful.
List of Banks That Use PesaLink
The following are the banks in Kenya that use PesaLink:
- Kenya Commercial Bank (KCB Bank)
- Guaranty Trust Bank Kenya (GT Bank)
- African Banking Cooperation (ABC Bank)
- Bank of Africa (BoA)
- Stanbic Bank Kenya
- Equity Bank
- Barclays Bank Kenya
- Citi Bank Kenya
- Commercial bank of Africa (CBA Bank)
- Consolidated Bank Kenya
- Cooperative Bank Kenya
- Credit Bank Ltd
- Diamond trust bank Kenya (DTB Bank)
- Family Bank
- First Community Bank
- Guardian Bank
- Gulf African Bank
- Habib Bank AG Zurich
- Investments & Mortgages Limited (I&M Bank)
- Jamii Bora Bank
- Kenya Women Microfinance Bank (KWFT Bank)
- Middle East Bank
- National Bank of Kenya
- National Industrial Credit (NIC Bank)
- Paramount Bank
- Prime Bank Kenya
- Standard Chartered Bank Kenya
- Sidian Bank
- Spire Bank Kenya
- Victoria Bank
All the rest of the banks are in various stages of testing the system before implementation.
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How To Send Money Using PesaLink?
It’s simple and easy to send money with PesaLink.
Access or sign in to your web-based banking mobile application, pick regional exchanges, and set up PesaLink.
Using the administration of your bank, choose PesaLink. You will see an application for PesaLink Charges.
Here you can take advantage of the PesaLink exchange rates. The costs vary depending on the bank and the amount you need to give.
PesaLink is not giving fast loans in Kenya, unlike other mobile money apps.
Be that as it may, the amount forwarded to your PesaLink number will be added to your record if you apply for peer-to-peer loans in Kenya.
How To Withdraw Money From PesaLink
When you send money via PesaLink, it reflects on the other account almost instantly. The service is made possible by interoperability and the Kenya Commercial Banks’ use of related technology solutions. The network also aims to mitigate the risks associated with Kenya’s payment systems.
You can, therefore, withdraw from your bank account from there. If you use the ATM card, you can use it to deposit and withdraw money or visit your bank and withdraw the money if you have registered for mobile banking.
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How To Transfer Money From PesaLink
Here is how you can send money using a phone number to another through PesaLink from your account:
- Go to the menu of your bank
- Click on the PesaLink button
- Then select Send to phone
- Enter the recipient’s mobile number
- Send the money to your account
- Enter the amount and indicate the reason you are sending the money, i.e., the lease Confirm the details of the payment
- Enter your PIN and click apply
- Your bank will send you a confirmation email.
The other service available is to transfer money from your account to the bank account of another person.
- Go to the menu of your bank.
- Select PesaLink.
- Then select “Transfer to account”.
- Key in the account from which you transfer the cash,
- Enter the bank/bank code of the person receiving the money.
- Provide the recipient’s account number.
- Fill in the sum you wish to transfer.
- Provide the recipient’s full name.
- Confirm the details you have entered.
- Enter your PIN and submit.
Your bank will then send you a confirmation message indicating that your transaction is successful.
It would have been much easier for you to use one PesaLink App to make transfers from your bank account to others and vice versa. Unfortunately, that is not the case.
As of now, PesaLink does not have an application; just download your bank’s application to access it.
But that doesn’t take the shine away from the usefulness of PesaLink in Kenya.
It is still very convenient to use PesaLink for money transfers even without an app.
PesaLink to M-Pesa: How to send money from Mpesa to Bank Account
Follow these steps to send money from your M-Pesa account to another bank account using PesaLink:
1. Use your registered mobile number M-Pesa to login.
2. Select Send money>> Select PesaLink.
3. Select Mobile (Send enabled telephone to PesaLink) or Bank (Send directly to a bank account).
4. Choose Preferred mode of payment, i.e., Mpesa (Service charges are shown on a tiered basis).
Notice is sent after payment and can be accessed via reports.
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How To Send Money To Multiple Accounts Using PesaLink
If you want to transfer money to different accounts through PesaLink, then follow these steps:
- Use your favorite device/channel to access your account.
- Select the PesaLink option from your bank list.
- Display the PesaLink menu options.
- Select “Send to Phone“.
- Enter the Recipient Phone Number.
- Select Recipient Linked Accounts.
- Enter the sum to be sent.
- Enter the Reason for Payment.
- Confirm payment information.
After pressing Confirm, you will get a confirmation
How much money can you send with PesaLink?
PesaLink allows its users to transact a minimum of 10 Kenyan shillings and a maximum of KSh 999,999 across the banking system.
How Long Does PesaLink Take?
PesaLink takes less than 30 seconds to complete transactions. So in effect, it should not take a longer time for the money to hit your account or that of the recipient.
The service does not take a long time to process money sent or received. As you know, PesaLink is an instant money transfer and it is one of the fastest means of transferring money.
What Are The PesaLink Charges For KCB In Kenya
There are some fees that you need to pay for using PesLlink to transfer money. These charges make economic sense since they use some of this money to maintain the PesaLink system as well as cater for all other operational costs.
However relevant these Pesalink charges may be, the deductions cannot be made at the blind side of the customer.
That is why all financial institutions have made these charges public for you to know how much KCB will charge you for a certain amount of money you transfer.
These are the KCB PesaLink charges:
1. For Ksh 10 to Ksh 500, there is no charge.
2. For Ksh 501 to Ksh 2,000, the charge is Ksh 15.
3. For Ksh 2,001 to Ksh 5,000, the charge is Ksh 20.
4. For Ksh 5,001 to Ksh 10,000, the charge is Ksh 50.
5. For Ksh 10,001 to Ksh 50,000, the charge is Ksh 80.
6. For Ksh 50,001 to Ksh 100,000, the charge is Ksh 100.
7. For Ksh 100,001 to Ksh 500,000, the charge is Ksh 300.
8. For Ksh 500,001 to Ksh 999,999, the charge is Ksh 500.
Because the KCB transaction limit for PesaLink is 999,999 Kenyan shilling, the maximum charge on any KCB transfer using PesaLink is Ksh 500.