Postbank opens 600 agent points to other banks via Pesalink
Pesalink and Postbank PLC have partnered to let Postbank agents accept cash deposits from customers of other participating banks through the Pesalink network.
Customers of participating financial institutions can now deposit funds at any of Postbank’s more than 600 agent and branch locations across Kenya. More institutions are expected to join the service in the coming months.
At this stage, the service supports cash deposits only. Withdrawals are not yet available.
Postbank has long offered agent banking services to other financial institutions through bilateral arrangements. By plugging into Pesalink, it can extend that capability through shared payments infrastructure, so participating institutions can use its agent network without separate agreements or individual technical integrations.
“Agent banking remains one of the most important ways that Kenyans access financial services,” said Gituku Kirika, CEO of Integrated Payment Services Limited (IPSL), which operates Pesalink.
“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.”
Shared infrastructure
Kenya has more than 93,000 bank agents. While digital payments continue to grow, cash remains an important part of everyday transactions. Connecting existing agent networks means institutions can extend access to cash services without each building and maintaining its own extensive network.
For Postbank, the deal brings more transactions onto its existing infrastructure and lets its agents serve customers beyond its own base.
“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,” said Dr Raphael Lekolool, MD of Postbank.
“Through this arrangement, we can support greater access to banking services while making better use of the infrastructure we have already established.”
Pesalink, Kenya’s instant interoperable payment network, is owned by the Kenya Bankers Association. Postbank, established in 1978, is wholly owned by the government.
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