NAIROBI, Kenya, July 30 – SBM Bank Kenya is about to decrease cell cash switch costs by way of its digital platforms following a partnership with Integrated Payment Services Limited (IPSL), the operator of Pesalink.
The settlement will permit customers of the SBM Mfukoni app and on-line banking platform to ship quantities between Sh1 and Sh1,000 totally free, whereas transfers between Sh1,001 and Sh999,999 will entice a flat payment of Sh20.
Pesalink, Kenya’s interbank real-time funds platform, operates across the clock and has turn into standard amongst companies for immediate transfers of as much as Sh1 million. In 2024, it processed over Sh1.1 trillion in transactions, averaging Sh135,236 per switch.
“This partnership aligns with our revitalized technique and imaginative and prescient to turn into Kenya’s most popular funds financial institution which is digital-first and customer-centric,” SBM Bank Kenya Chief Operating Officer Aijaz Shalla stated.
The growth comes as SBM Bank stories a turnaround in its monetary efficiency, posting a Sh202 million revenue earlier than tax within the six months to June 2025, in comparison with a Sh934 million loss throughout the identical interval in 2024. The financial institution’s property rose to Sh105.7 billion, whereas buyer deposits grew by 37 p.c to Sh76.2 billion.
SBM and IPSL say the initiative is aimed toward making digital transactions extra inexpensive and clear for each people and companies.
“This pilot initiative is a mannequin for what customer-centred innovation can appear like in Kenya’s digital funds panorama. Our partnership with SBM Bank displays a broader business motion towards standardised and clear pricing, with the objective of scaling comparable fashions that ship enhanced worth and simplified funds throughout our wider community of banking companions,” IPSL Chief Product Officer Kenn Lisudza added.
