Local Financial Technologies (FinTech) solutions delivery firm Integrated Payment Services Limited (IPSL) has received a global accolade for its role in delivering PesaLink, Kenya’s first real time payments platform.
The Kenya’s inter-banking money transfer service launched in February this year picked the Best Banking Initiative Award in the just concluded 10th annual Emerging Payments Awards held in London this week, in a rare feat celebrating the firm’s innovation on the global payments space.
PesaLink platform was developed in close collaboration with IPSL and Tieto. It allows customers to send money from one bank account to another bank account.
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.
“Every year the quality of entrants to the Emerging Payments Awards goes from strength to strength. Now in our tenth year and one of the annual highlights of the FinTech calendar, we’re thrilled to see so much innovation from the UK and further afield as FinTech continues to push into the mainstream, making a real difference to consumers’ lives around the world,” Emerging Payments Association director general Tony Craddock, who also serves as the chairman, Emerging Payments Awards said.
Speaking in Nairobi when she received the award news IPSL CEO Jennifer Theuri said the global award will serve to renew the firm’s commitment to deliver valued added FinTech solutions to boost financial inclusivity 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.
“Thanks to the support of these stakeholders, PesaLink has managed to breach the Kshs 15 Billion value mark in the number of gross transactions recorded in the system, barely six months into its launch,” she added.
The Emerging Payments Awards are the highlight of the payments innovation calendar in Europe and beyond.
PesaLink allows real time transactions on all banks’ retail payment channels including mobile, ATM, Internet banking, Agency, Bank branches and POS.
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 Kenya Bankers Association (KBA), the umbrella body of the banking industry, recently commenced a phased rollout of the digital payments platform, expected to cut the cost of transactions and transform the way consumers interact with their banks.
The PesaLink platform now features 30 commercial banks licensed by the central Bank to provide the service.
The 30 CBK licensed Banks on the IPSL platform include; ABC Bank, Bank of Africa, Barclays Bank, CBA, CitiBank, Consolidated Bank, Cooperative Bank, Credit Bank Ltd, DTB, Equity Bank, Family Bank, First Community Bank, GTBank, Guardian Bank and Gulf African Bank.
Others are Habib Bank, AG Zurich, I&M Bank, Jamii Bora Bank, KCB Bank, KWFT Bank, Middle East Bank, National Bank of Kenya, NIC Bank, Paramount Bank, Prime Bank, SCB KE, Sidian Bank, Spire Bank, Stanbic Bank and Victoria Bank.
Founded under the Central Bank of Kenya’s National Payments System (NPS) guidelines, the platform provides interoperability and related FinTech solutions for banks.
By Martin Mwita