SBM Bank Kenya has partnered with Integrated Payment Services Limited (IPSL), the operator of PesaLink, to introduce the lowest money transfer fees in the market. This collaboration aims to enhance SBM Bank’s payment solutions and promote greater financial inclusion across the country.
Under the new partnership, customers utilizing PesaLink for money transfers via the SBM Mzisoni App and online banking will benefit from significantly reduced charges. Transfers between Ksh. 1 and Ksh. 1,000 will be completely free, while a flat rate of Ksh. 20 will apply for transfers ranging from Ksh. 1,001 to Ksh. 999,999.
The initiative will serve as a pilot to gauge customer demand, pricing sensitivity, and usage patterns. Successful implementation could pave the way for similar pricing models to be extended across PesaLink’s wider network of banking partners.
PesaLink operates outside traditional banking hours, even on public holidays. This makes it a leading real-time payment solution for large interbank transfers. In 2024, PesaLink facilitated transactions exceeding Ksh. 1.1 trillion, with an average ticket size of Ksh. 135,236. This indicates a strong preference for larger transactions on the platform.
This partnership comes on the heels of SBM Bank’s impressive turnaround, having reported a Ksh. 202 million profit before tax for the financial year ended 2024. This marks a significant recovery from a Ksh. 924 million loss during the same period last year. The bank also saw its total assets grow to Ksh. 105.7 billion, up from Ksh. 92.6 billion in the first half of 2024. Customer deposits surged by 37 percent to Ksh. 76.2 billion, driven by an expanding customer base and deepened relationships across key segments.
Aijaz Shalla, Chief Operating Officer at SBM Bank Kenya, expressed his enthusiasm for the partnership. “We are pleased to be announcing this partnership with PesaLink which will make money transfer in Kenya more affordable for customers, in support of financial inclusion. The partnership is a testament to our bank’s efforts to disrupt the financial link platform. This partnership aligns with our revitalized strategy and vision to become Kenya’s preferred payments bank for individuals and businesses.”
Kenn Lisudza, Chief Product Officer at Integrated Payment Services Limited (IPSL), also commented on the collaboration: “This joint initiative is a model for what customer-centred innovation can look like in Kenya’s digital payments landscape. Our partnership with SBM Bank reflects a broader industry movement toward standardised and transparent pricing for payments, including similar models that deliver enhanced value and simplified payments across our wider network of banking partners.”