Co-op Bank, NCBA Join 19 Lenders Offering Discounted Pesalink Transfer Rates
Co-operative bank and NCBA have joined the ranks of other major lenders to offer free cash transfers of up to a thousand shillings and a flat charge of twenty shillings on larger Pesalink transactions - its all part of a move that's aimed at shaking things up in Kenya's retail payment market.
Growing List of Banks On Board
The two lenders are joining KCB, Diamond Trust Bank, Absa, Stanbic, Prime Bank and a few others to enable it's customers get enjoy lower person to person payments charges. And its not just them either, other banks like UBA, Commercial International Bank, HFCB and Victoria Commercial Bank have all knocked their Pesalink charges down too.
New Pricing Structure Finally Falls In Place
Here's the new tariff - transfers up to a thousand bucks are free, but anything above that and you're looking at a flat rate of twenty shillings no matter how much you're sending. So you can send as little or as much as you like, just as long as its up to a million bucks !
"Co-op bank just knocked Pesalink transfer charges down to a flat twenty shillings for any transfer over a thousand shillings up to a million bucks, nows your chance to save a few bucks and get Pesalink on tap," Co-op bank told its customers.
More Banks Hopping On The Band Wagon
National Bank of Kenya, African Banking Corporation and Consolidated Bank of Kenya are the latest bunch to jump on the bandwagon, meaning even more banks in the country are now offering you cheaper bank to bank transfers.
A Big Win For Customers
The new pricing structure is comes as a massive discount on what has been the case all along, so customers will be saving big time compared to the old tiered charges where they could have been looking at up to two hundred and fifty shillings for a Pesalink transfer. This makes bank transfers a lot more competitive and accessible for everyday transactions.
The Inside Scoop On This New Initiative
This new pricing model is part of a scheme to make bank transfers more attractive and to make them compete with mobile money platforms for everyday payments. The idea is to give customers a real choice when it comes to sending money.
The change only applies to transfers between participating banks, so you can send money from one bank to another for a fraction of what you used to have to pay.
Getting Inside The Heads Of The Industry Leaders
NCBA Group Director of Retail Banking Dennis Njau said the reason for the change is to make banking "simpler, more affordable and more relevant" to people everyday lives. "We want to make it easier for our customers to do everyday things like send money to loved ones or make business payments", he said.
Things are Moving Quick
We used to have less than ten banks cutting their prices back in February, but this has all changed now. Even more banks are now knocking their prices down to drive digital payment volumes in Kenyas banking sector.
The Cat is Out Of the Bag - Competition is Heating Up
This latest move is just one more thing that is piling the pressure on banks yet to adopt this new pricing model. Its only a matter of time before this becomes the new normal, and those who have not yet caught up will be left behind in Kensyas payment landscape.
