Standard Chartered, Safaricom to provide faster cash settlement to M-Pesa merchants

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Lamin Manjang (CEO Standard Chartered Kenya) & Bob Collymore (Safaricom CEO). Photo credit: Safaricom Ltd.

Standard chartered has partnered with Safaricom to introduce a proposition that allows business customers and M-PESA agents to deposit and access their float in real time.

This follows the integration of the M-PESA platform with the Standard Chartered payment system. Thereby shortening the time the merchants take to convert the e-value to cash since they will not have to use the manual RTGS system that has been taking a minimum of six hours.

“Standard Chartered continues to refine its product offering and delivery model, to provide solutions that are in line with the market dynamics.  We endeavour to improve the lifestyles of our clients and their banking experience, by collaborating with like-minded partners, and leveraging on our collective digital capabilities,” said LaminManjang, Chief Executive Officer, Standard Chartered Kenya.

Mr. Manjang said the integration will greatly enhance the value proposition to the Bank’s Business Clients, Commercial Clients and Corporate Clients. The merchants can now transfer to Bank as little as Ksh 50, from current minimum of Ksh 35,000, to a maximum of Kshs 50 million per transaction. Funds transfer will be allowed only from a merchant headquarters or through a PayBill to PayBill Number belonging to their bank.

“Since launch eight years ago, M-PESA has emerged as the biggest and perhaps the most important positive disruption to the financial services space. This has been made possible by strategic partnerships such as the one we are signing today, that have been informed by the need to develop solutions to common day problems faced by our common customers,” said Bob Collymore, Chief Executive Officer, Safaricom.

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.  Apart from the real time settlement of e-value into cash – any day and time, there is also an increased limit on how much a client can settle per request; previously merchants could settle up to KES 5 million, whereas this platform allows the merchant to settle up to KES 50 million.

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