- African Banking Corporation joined the industry-wide 'Tuma Direct na KSh20' campaign to lower interbank transfer costs for Kenyans
- ABC Bank announced free PesaLink transfers for amounts below KSh 1,000 and a flat KSh 20 fee for transfers up to KSh 999,999
- Customers can access the revised PesaLink rates through ABConnect mobile banking, internet banking, or any ABC Bank branch
TUKO.co.ke journalist Japhet Ruto has over eight years of experience in financial, business, and technology reporting, offering insights into Kenyan and global economic trends.
African Banking Corporation (ABC Bank) Limited has revised its PesaLink transfer charges, eliminating fees on transactions below KSh 1,000 and capping the cost of larger transfers at a flat KSh 20 for amounts between KSh 1,000 and KSh 999,999.
Source: Facebook
The bank announced the changes as part of a broader industry campaign coordinated by Integrated Payment Services Limited (IPSL), the operator behind the PesaLink platform.
The campaign, branded "Tuma Direct na KSh20," brings together multiple Kenyan banks with the goal of standardising and reducing the cost of real-time interbank money transfers.
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Why did ABC cut PesaLink charges?
ABC Bank managing director Apollo Njoroge said the revised pricing reflects the bank's commitment to making everyday financial transactions more accessible.
"By reducing our PesaLink charges, we are making real-time bank-to-bank transfers more affordable and convenient for our customers. We are also pleased to support the industry-wide 'Tuma Direct na KSh 20' campaign, which is making it easier for Kenyans to move money directly between bank accounts at a simple and affordable cost," Njoroge said in a press statement.
Customers wishing to take advantage of the new rates can do so through the bank's ABConnect Mobile Banking app, its Internet Banking platform, or by visiting any of its 11 branches across the country.
ABC Bank, which is licensed and regulated by the Central Bank of Kenya, operates 11 branches domestically and maintains a regional presence in Uganda through its subsidiary, ABC Capital Bank Uganda.
The institution offers a range of financial services spanning retail banking, stock brokerage, investment advisory, insurance, and risk management.
What to know about PesaLink and the campaign
PesaLink is a real-time interbank transfer platform regulated by the Central Bank of Kenya.
It enables account holders at participating banks to send money directly between bank accounts without routing through mobile money services.
The "Tuma Direct na KSh20" campaign is designed to position PesaLink as a low-cost alternative for Kenyans who regularly move funds between different banks.
Source: TUKO.co.ke