SBM Bank and Pesalink Join Forces for Unbeatable Money Transfer Rates in Kenya
SBM Bank Kenya has announced a significant collaboration with Integrated Payment Services Limited (IPSL), the innovative force behind Pesalink, to dramatically reduce the cost of money transfers across the Kenyan financial landscape. This strategic alliance is poised to revolutionize digital payments by offering the most competitive bulk money transfer rates available in the market. For SBM Bank, this move is a critical component of its broader vision to bolster its digital payment ecosystem and firmly establish its presence as a leading, customer-focused financial institution in the region. This partnership underscores SBM’s commitment to leveraging technology for enhanced customer value.
Driving Affordability and Accessibility in Digital Transactions
The new framework introduced through this partnership brings remarkable benefits directly to users of the SBM Mfukoni mobile application and the bank’s online banking platform. Customers can now enjoy unparalleled affordability for various transaction tiers. Specifically, transferring amounts ranging from as little as $0.01 (KES 1) up to $7.76 (KES 1,000) will incur absolutely no charge. For larger interbank transfers, from $7.76 (KES 1,001) up to a substantial $7,756.27 (KES 999,999), a flat fee of just $0.16 (KES 20) will apply. This specific rate is highlighted as currently the lowest for interbank transfers anywhere in Kenya, setting a new industry benchmark. The initiative aims to make digital financial services more accessible and cost-effective for a wider demographic, from individual users to businesses managing significant transactions. This step aligns with the ongoing drive in Kenya towards a more cashless and digitally inclusive economy.
This groundbreaking partnership between SBM Bank Kenya and Pesalink is set to redefine bulk money transfers, making them significantly more economical for both individual consumers and corporate clients. By dramatically cutting transaction costs, SBM Bank is not only enhancing convenience but also fostering greater financial inclusion across Kenya. This strategic step reinforces SBM’s dedication to innovation and its pivotal role in advancing the digital payments landscape in the East African financial sector, ensuring more affordable and efficient financial transactions for all.
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