Pesalink is a platform that allows you to interlink all your bank accounts and operate all of them from the palm of your hands.
This allows you to transfer money from one bank to the other or pay your workers using different bank accounts using only your mobile phone.
The advancement of finance-technology in Kenya has helped to solve problems of the past such as delays in interbank money transfer.
Pesalink was a much-needed solution that was developed by the Kenya Bankers Association in 2017.
Through its IPSL subsidiary, the Kenya Bankers Association partnered with a Finnish based software company called Tieto to develop Pesalink.
The basic idea behind Pesa Link was to make it easy for Kenyans to transfer money from one bank account to another using their mobile phone in less than 45 seconds.
Pesa Link also allows its users to transfer money from their bank accounts to respective Mpesa accounts.
Since Pesalink is an integrated payment service from Kenya bankers association, you can use Pesalink so long as you have an account with any of the 31 major banks in Kenya.
What is Pesalink?
Not long ago, Kenyans used to line up in unending queues in bank halls to withdraw money so that they can deposit it in another bank since it was the fastest option. Interbank money transfer used to take not less than 3 days.
Thankfully, Pesalink which is a real-time interbank money transfer service only takes 45 seconds to send and receive money from one bank account to another or to a mobile Mpesa account.
Pesa Link is not a knockoff service from the streets; it is a product of Kenya Bankers Association (KBA) and Integrated Payment Service Limited (IPSL)
Benefits of Pesalink interbank transfer service
Comparing Pesalink to other transfer options is like comparing apples and tomatoes. Pesa link is the real deal and its primary and sole role is to transfer funds between accounts.
Apart from that, here are other benefits of using the Pesa link.
- It is owned by Kenya Bankers associations so you can be sure that your transactions are secured
- Pesa link is the fastest interbank transfer option in Kenya since it’s real-time and money reflects almost immediately
- You can transfer as much as 1 million shillings unlike other options like Mpesa which are limited to 70,000/=
- You can transfer foreign currencies with Pesa Link
- The service is available to all banked Kenyans 24/7
- With Pesa Link, you can transfer money from your bank account to your Mpesa account seamlessly.
How to register on Pesalink
Almost all the 46 banks that support Pesa Link have a mobile banking app. To register for Pesalink easily and effortlessly, follow the following procedure.
- Download the banking app of your respective bank
- Alternatively, use the Pesa link USSD code for your respective bank. E.g. Stanchart Bank customers should dial *722# [Know the USSD of your bank]
- Using any of the above methods, select the Pesalink registration option
- Select the primary account that you wish to use and confirm
- Accept the terms and conditions
- Provide your PIN and submit your registration
Ones your Pesa Link account has been successfully created, you should be able to send money from one account to another using your mobile phone from anywhere.
You will also be able to send money from your bank accounts to any Mpesa account of choice.
Pesalink Frequently Asked Questions
Why should I use Pesa Link?
Pesa link in real-time, available 24/7 and you can transfer from as low as KES 10 to as high as KES. 999,999. It is also safe since it eliminates the use of cash as a mode of payment.
Which Banks are part of Pesalink?
All Kenyan banks which are members of Kenya Bankers Association (KBA)
How do I receive payments using my mobile phone number on Pesa Link?
To receive payments one has to have linked their phone number to an account. You will get an SMS notification when you receive money in your account.
Can everybody access Pesa Link?
Currently, only banked users can access PesaLink on their bank channels
Do I need a Smartphone to use Pesa Link on mobile?
You do not need a Smartphone to access PesaLink on mobile. PesaLink is available using USSD
How do I change my registration from one Bank to another one?
Pesa Link allows one to change the primary account hence giving the customer the flexibility to choose the bank they want their account to be linked to.
Can I register with more than one of the participating Banks?
Yes you can if you have an account with them
How long does it take money sent through Pesa Link to hit my account?
It should take a maximum of 45 seconds for a transaction to be completed
Which currency will I use while sending money through Pesa Link?
PesaLink will facilitate Funds transfer from KES to KES, USD to USD, GBP to GBP and EUR to EUR accounts. There will be no currency conversion when using PesaLink.
Can I use PesaLink outside Nairobi?
Yes, you can use PesaLink outside Nairobi but within Kenya
Can I deposit money on PesaLink?
No. PesaLink will only facilitate funds transfer from account to account or from account to card
Will PesaLink provide loans?
No. PesaLink will only facilitate ‘Person to Person’ funds’ transfer.