SBM Bank Partners Pesalink To Lower Money Transfer Fees
SBM Bank Kenya has entered into a strategic partnership with Integrated Payment Services Limited (IPSL), the operator of Pesalink, to offer the most affordable bulk money transfer rates in the Kenyan market. The deal is part of SBM’s broader strategy to enhance its digital payments offerings and solidify its position as a leading, customer-centric payments bank.
Under the new arrangement, users of the SBM Mfukoni app and online banking platform can now transfer amounts between $0.01 and $7.76 (KES 1 and KES 1,000) at no cost, and send $7.76 and KES 1,001 to $7,756.27 (KES 999,999) at a flat fee of $0.16 (KES 20) — currently the lowest rate for interbank transfers in Kenya.
“This partnership with Pesalink will make bulk money transfer more affordable for both retail customers and businesses, while delivering the convenience, safety, and reliability users expect,” said Aijaz Shalla, Chief Operating Officer at SBM Bank Kenya. “It aligns with our digital-first strategy and vision to become Kenya’s preferred payments bank.”
The initiative will also serve as a pilot to gauge customer demand, price sensitivity, and usage trends. Insights gathered may inform future pricing models across Pesalink’s broader network of banking partners.
Kenn Lisudza, Chief Product Officer at IPSL, noted, “This partnership reflects the potential for customer-centered innovation in Kenya’s payments landscape. It’s a step towards transparent and simplified pricing that could scale across the industry.”
Pesalink, which operates 24/7 including public holidays, processed over $8.53 billion ( KES 1.1 trillion ) in transactions in 2024 alone, averaging a ticket size of $1,048.83 (KES 135,236) across 8.2 million instant transfers—cementing its role as a trusted, real-time transfer platform for Kenyan businesses and individuals.
