Standard Chartered has partnered with Safaricom to introduce a solution that will see business customers and M-PESA agents deposit and access their float in real time. What used to take a minimum of six hours via the manual RTGS system will now take a much shorter time. The solution was made possible after Standard Chartered payment system was integrated with the M-PESA platform.
The merchants can now transfer to their bank accounts as little as Ksh. 50 from a previous minimum of Ksh 35,000. The maximum has also been upped to Ksh. 50 million per transaction from Ksh. 5 million. Funds transfer will only be allowed from a merchant headquarters or through a PayBill to PayBill Number belonging to their bank.
Customers using the service will push e-value from merchant paybill or till to Standard Chartered paybill 329329. On receipt of the e-value, Standard Chartered will automatically credit the client’s account.
This is the second partnership between the two companies after the first one which allows Standard Chartered customers make loan payments, get loan top ups and make bulk payments via M-PESA.