Nairobi — Kenswitch Limited has launched a Domestic Interbank Transfer Service platform that allows users on the Kenswitch network to transfer funds on a real-time basis across the network amongst participating financial institutions.
The service allows different types of inter-bank and intra-bank transfers, mainly from an account to another account, to prepaid cards or to a mobile number.
Speaking at the launch of the service, Kenswitch's Managing Director George Wainaina says that the platform will add value to existing services tied to the ATM cards on the Kenswitch network with the aim of redefining instant transfers.
"We want to get rid of paper from the economy and are giving customers a choice whether to look at existing players, or use a cost effective platform that will guarantee transfer of funds between four and six seconds," he said.
Wainaina says the platform is cost effective and customers can move from as little as Sh50 up to Sh1 million for a maximum end customer pricing of Sh400.
He says the platform easily integrates to mobile banking and internet banking applications provided by banks as well as to their ATM, Point of Sale and agent banking infrastructure.
The greatest beneficiaries of the platform include commercial banks that are looking for a channel for loan repayments, county governments who are grappling with automation of revenue collection, companies that are looking for a cashless solution for their distribution chain and businesses looking for a cost effective way to pay suppliers and disburse salary payments.
"While we will continue to offer person-to-person transfers our main focus will be on the business sector because many small and medium enterprises continue to rely on banking instruments like cheques and electronic funds transfers that can benefit greatly by using the platform," he added.