CfC Stanbic Bank, a Kenya-based lender, has launched a new electronic payments service, Till2Bank, to enable merchants, shops, supermarkets and SMEs to take payments on M-PESA, a Safaricom mobile banking platform.
The Till2Bank service will also allow the business banking clients to extend banking services and products to the acquired businesses.
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Developed in conjunction with Safaricom’s Lipa na M-PESA mobile money transfer service, and Kopo Kopo, Till2Bank can be used to settle payments immediately into CfC Stanbic bank accounts.
CfC Stanbic Bank Personal and Business Banking head, Adam Jones, said, "We are delighted to be the first bank to sign on to M-PESA’s acquiring model and roll out such capability (on mobile money) that will ease the burden of periodic banking of cash by the business banking clients while minimising the risks involved in handling and transferring cash from their businesses to the bank."
M-PESA platform currently handles 18.2 million customers and manages KES77.3bn ($883.4m) a month in peer to peer transactions, KES9.9bn ($113.1m) in person to business transactions and for KES7.6bn ($86.85m) a month in person to business transactions.
Lipa na M-PESA service has been designed to serve SMEs and was launched in 2012. The service has recruited nearly 37,000 users to date.
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