Standard Chartered signs up M-Pesa to provide faster cash settlement to M-Pesa merchants
Business Customers and M-PESA agents will henceforth access their float in real time 24/7 following a partnership between Standard Chartered and Safaricom. The move 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 RIGS system that has been taking a minimum of six hours.
The merge comes at a time the power of convergence between telecommunications and banking is taking over the Kenyan scene making it easier for mobile money users interact with their banks at the same time transacting through the fast growing platforms.
The intergration between the two parties will enhance the value proposition to the Bank’s Business clients, Commercial clients and corporate clients. From a minimum of 35,000KES, merchants will now be in a position to transfer as little as Ksh 50 and a maximum of Ksh 50 million per transaction. The transfer will be allowed only from a merchant headquarters or through a paybill to paybill Number belonging to their bank.
M-PESA has gained footing in the financial services space which has made it possible for financial institutions to ride on the platform to have a better grip on their clients therefore providing better instant services across countries.
How to make a transfer
Customers using the service will push e-value from merchant paybill or till to Standard Chartered paybill 329329. On the receipt of the e-value, Standard Chartered will automatically credit the clients 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 5million, whereas this platform allows the merchant to settle up to 50 million.
Apart from this new partnership, the two companies have previously partnered in a widely used Digital platform that allows customers make loans using mobile money through mobile banking, automated real time loan top up, make bulk payments and easy collection for SMEs using mobile money.