Being able to access your money digitally means that it is far easier to send it to family that may need it, to pay bills, and even make large purchases. It cuts out the time spent going to a bank, particularly for large amounts.
Take Grace who lives and works in Nairobi. Every month, she sends money to her family to help pay for school fees, as well as to help build her parents a new home. But she often has to send the balance in parts because of the transfer limits, and that means more charges. Or she has to physically visit a bank which may not be convenient.
The rise of mobile banking has vastly improved how we access our money. In Kenya even those without smart phones are now able to access their bank accounts using USSDs.
However, there are still limitations. High transfer costs and low transfer limits make it difficult for some people to use mobile money. And transfers between banks are also expensive and can take several days.
Making banking easier for everyone
Thankfully new applications and products are being developed to improve access to digital money for everyone. One of these is PesaLink. It has existed for a while but the Integrated Payment Service – its official name – has only recently come into the spotlight.
PesaLink allows you to send money from one bank account to another account using the recipient’s mobile phone number, account number or card number. The process can be done using USSD or through your mobile banking app.
With PesaLink the transaction from one account to another is immediate, just as fast as mobile money. And it operates 24 hours a day, seven days a week. Even better, it is the cheapest transfer service and more economical than mobile money. Plus you can send any amount from Sh10 to Sh999,999.
Now Grace can send money home instantly and safely, not only making her life easier, but improving the lives of those who are relying on her for their support.
As technology continues to improve and become even more important to our lives, financial inclusion should be for everyone. Efficient affordable products like PesaLink ensure that no-one is left behind.