SBM Bank Kenya and the Integrated Payment Services Limited (IPSL) have signed a partnership that will see the bank offer the lowest transfer fees for money transfer services in the market as it enhances its payments solutions services to clients.
Through the partnership, customers using IPSL’s Pesalink money transfer on SBM Mfukoni app and online banking will be able to send between Sh1 and Sh1,000 for free and between Sh1,001 and Sh999,999 for a flat rate of Sh20 – the lowest in the market.
The campaign will provide a framework to assess customer demand, pricing sensitivity, and usage patterns with a view to extending similar pricing models across Pesalink’s broader network of banking partners in the future.
Pesalink is a 24/7, instant, and affordable payment channel that works outside traditional banking hours, even on public holidays—making it Kenya’s leading interbank transfer solution for single transfers that are under Sh1 million.
In 2024, Pesalink facilitated transactions worth over Sh1.1 trillion, with an average ticket size of Sh135,236 -translating to 8.2 million instant transactions and underpinning its growing profile as a preferred payment transfer platform particularly for businesses.
The partnership announcement comes on the back of SBM Bank’s announcement of a Sh202 million profit before tax for the half year to June 2025 against a Sh934 million loss in the same period last year – underpinning the bank’s turnaround strategy.
The bank’s total assets grew to Sh105.7 billion over the same period, up from Sh92.6 billion in the first half of 2024, whilst customer deposits grew by 37 per cent to Sh76.2 billion, driven by an expanding customer base and deepened relationships across key segments.
