Nairobi — Digital payment platform Pesapal has introduced a real-time settlement for merchants in Kenya, enabling fast transfer of funds into their accounts.

Through Pesapal's e-wallet Openfloat, merchants who use the Pesapal platform can receive funds faster.

Real-time settlement offers several benefits to merchants, including quicker access to funds, improved cash flow management, reduced risk of fraud, and better customer experience.

The development, therefore, empowers businesses, especially Small and Medium Sized Enterprises (SMEs) and large organizations, with the flexibility to manage their money and make time-sensitive payments.

Speaking during the launch, Pesapal CEO and Founder Agosta Liko said this new feature ensures that funds are available to merchants immediately, enabling businesses to streamline their operations and make better financial decisions.

"We are thrilled to introduce real-time settlement on the Pesapal platform. From now on, our merchants will have quicker access to their funds, ultimately improving the health of their business," Pesapal Group CEO Agosta Liko said.

Merchants using Openfloat enjoy various benefits which include payouts to bank accounts and mobile money. One can view transaction reports and track their cash flow in real-time.

Pesapal has a footprint across Kenya, Uganda, Tanzania and Rwanda.

The organization processes over 12 million transactions monthly and is on track to connect a million African entrepreneurs to e-commerce, digital payments and the global financial system by 2030.