CFC bank partners with Safaricom to launch real time mobile payments for SMEs
CFC bank in conjunction with leading mobile company Safaricom has rolled out an electronic payments service that will provide its Business Banking and SME clients with the ability to accept M-Pesa payments.
The platform provides automatic deposit service to the bank account without having to physically go into a branch to deposit cash or fill forms hence allowing merchants, shops, supermarkets and SMEs to extend banking services and products to the acquired businesses.
The service dubbed ‘Till2Bank’ will be activated through Safaricom’s M-Pesa (LIPA NA MPESA) and KOPO KOPO as payment medium. All payments made via ‘Lipa na Mpesa’ will be credited into CFC stanbic Bank account on demand as opposed to the current to 24-48hrs settlement cycles on card.
“We are delighted to be the first bank to sign on to M-Pesa’s acquiring model and roll out such capability that will ease the burden of periodic banking of cash by the business banking clients while minimizing the risks involved in handling and transferring cash from their business to the bank.” Said CfC Stanbic Bank Adam Jones.
For registration, the service subscriber will be required to register with the bank by calling 07111068888 or SMS the word LIPA to 22208. Customers can also use email; email@example.com