Kenya: Stanchart corporate customers can now transfer money in real time through M-Pesa
The maximum amount that can be transferred in a single transaction has been raised to Sh50 million.Corporate clients of StanChart Bank Kenya are now able to benefit from real-time money transfer through Safaricom’s mobile banking platform M-Pesa after the two companies signed an agreement to integrate their systems.
These businesses can now convert their electronic float into cash in a few minutes, from as little as Sh50 (€0.44) per transaction. The maximum amount that can be transferred in a single transaction has been raised to Sh50 million from the current Sh5 million, in a bid to attract more business customers.
"This enhances value proposition to our customers because this platform enables transaction in almost real time unlike the previous six hours under the manual system," the bank's chief executive Lamin Manjang told The Star.
Safaricom chief executive Bob Collymore added the platform was demonstrating of the inevitable convergence between banking and the telecommunications sector and was moving from "ego-system to ecosystem".
He added: "It is really a market first and enables merchants to transmit up to Sh100 million a day with no cost."
M-Pesa, Kenya's leading mobile money transfer service, was launched in March 2007 through Safaricom. It allows users to deposit, withdraw and transfer money through a mobile device. It can also be used for Diaspora remittances, retail payments and public transport fares.
It has more than 17 million users and 65,547 agent outlets, and has led to spin-off services such as M-Shwari, which allows customers to borrow money via mobile phone. M-Pesa is also available in Tanzania, Egypt, Lesotho and Mozambique.