Pesalink has announced a new partnership with Postbank allowing customers of participating banks to make cash deposits through more than 600 Postbank agents and branch locations across Kenya.
The partnership will allow customers of participating financial institutions to deposit money into their accounts through Postbank’s nationwide agent network. This is expected to expand access to banking services without requiring individual banks to establish separate agreements or technical integrations.
Gituku Kirika, Chief Executive Officer of Integrated Payment Services Limited (IPSL), said, “Agent banking remains one of the most important ways that Kenyans access financial services. As the sector evolves, banks and SACCOs have an opportunity to open their existing agent networks to other institutions, allowing customers to access cash services through agents beyond those operated by their own financial institution. This gives customers more places to transact while helping financial institutions get more value from their existing networks.”
The service uses Pesalink’s shared payments infrastructure to connect financial institutions to Postbank’s existing agent network. More banks and SACCOs will join the service in the coming months.
There are more than 93,341 bank agents in Kenya and this makes agent banking an important channel for financial access and inclusion.
Dr. Raphael Lekolool, Managing Director of Postbank PLC, said, “Making our network accessible to customers of other participating financial institutions allows us to extend the value of that investment while creating more opportunities for our agents to serve customers. Through this arrangement, we can support greater access to banking services while making better use of the infrastructure we have already established.”
The service will initially support cash deposits only. It currently does not support withdrawals. Postbank customers will still be able to access cash services through the bank’s existing agent network.
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