SBM Bank Kenya Partners with PesaLink to Offer Lowest Money Transfer Fees in the Market
SBM Bank Kenya has announced a new partnership with PesaLink, in a move that positions the Bank as the most affordable provider of digital interbank transfers in the country.
The collaboration enables SBM Bank customers to make money transfers via the PesaLink platform at significantly reduced costs. Transfers between KES 1 and KES 1,000 will be free, while those ranging between KES 1,001 and KES 999,999 will be charged a flat rate of KES 20, currently the lowest fee structure in Kenya’s banking sector.
The new pricing model is accessible through the SBM Mfukoni mobile app and online banking platform, and is expected to appeal to both retail customers and businesses seeking affordable, real-time payments.
“We are pleased to be announcing this partnership with PesaLink which will make money transfer in Kenya more affordable for both retail customers and businesses,” said Aijaz Shalla, Chief Operating Officer at SBM Bank Kenya. “This partnership aligns with our vision to become Kenya’s preferred payments bank, digital-first and customer-centric.”
The initiative is being rolled out as a pilot to assess customer demand, pricing sensitivity, and transaction trends. If successful, it could pave the way for similar pricing models across PesaLink’s broader network of banking partners.
PesaLink, operated by IPSL, has become Kenya’s leading interbank transfer solution for real-time transactions under KES 1 million. In 2024 alone, the platform processed over KES 1.1 trillion in transactions, with an average transfer value of KES 135,236, totaling over 8.2 million transactions.
“This pilot initiative is a model for what customer-centred innovation can look like in Kenya’s digital payments landscape,” said Kenn Lisudza, Chief Product Officer at IPSL. “Our goal is to scale similar models that deliver greater value and simplicity across our network.”
The partnership follows SBM Bank’s recent announcement of a KES 202 million profit before tax for the first half of 2025—marking a sharp turnaround from a KES 934 million loss in the same period last year. The Bank’s total assets grew to KES 105.7 billion, while customer deposits surged 37% to KES 76.2 billion, reflecting growing trust and a wider customer base.
The partnership further strengthens SBM Bank’s commitment to offering cost-effective, innovative financial solutions, as it continues its transformation into a digital-first, customer-focused institution.
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