A new agreement aims to strengthen real-time collaboration between banks and fintech firms in Kenya, advancing efforts to improve digital payments and promote system-wide interoperability.
The Memorandum of Understanding (MoU), signed by Integrated Payment Services Limited (IPSL)—the operator of Pesalink—and the Fintech Alliance, outlines a strategic roadmap to enable seamless account-to-account transfers, enhance fraud detection mechanisms, and establish a shared digital platform for financial institutions and developers.
The Fintech Alliance is a consortium comprising the Association of Fintechs in Kenya, the Digital Financial Services Association of Kenya, the Decentralised Credit Providers Association of Kenya, and the Blockchain Association of Kenya.
“The MoU provides a clear framework for collaboration between fintechs and financial institutions, allowing more coordinated rollout of payment solutions,” said Gituku Kirika, CEO of IPSL.
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Ali Hussein Kassim, Chairperson of the Fintech Alliance, emphasized that the partnership is designed to ease access to banking infrastructure—an area often hampered by delays and technical challenges.
Currently, at least 27 fintechs are integrated into the Pesalink network. The newly formed working group will focus on simplifying the onboarding process and expanding key services, including bank transfers, bill payments, and merchant transactions.
Launched in 2015 under the National Payment System Act, Pesalink is operated by Integrated Payment Services Limited, a wholly owned subsidiary of the Kenya Bankers Association.
This partnership marks a significant step toward building a more inclusive, agile, and interoperable financial ecosystem in Kenya.
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