Kenya Banks Launch Instant Payments Across Africa

Kenyan businesses and families can now send money across Africa instantly, without paying hefty fees or waiting days for it to arrive.

Pesalink, Kenya's instant payment network, just partnered with the Pan-African Payment and Settlement System to revolutionize cross-border payments. The collaboration connects over 80 Kenyan banks, fintechs, and mobile money operators with more than 160 financial institutions across Africa.

Until now, sending money between African countries has been painfully slow and expensive. According to the World Bank, cross-border transfers in Africa cost between 7-8% of the total amount sent, higher than the global average. Recipients often wait three to seven business days for money to arrive.

The new partnership changes that completely. Individuals and businesses can now make instant, 24/7 transfers across African borders, all settled in local currencies. No more complex banking requirements or reliance on foreign reserve currencies like the US dollar.

The Ripple Effect spreads far beyond convenience. Small and medium businesses that trade across borders will save significant money on transaction fees. Families sending money to relatives in other African countries will see more of their hard-earned cash actually reach their loved ones. And entrepreneurs will find it easier to expand their businesses regionally, strengthening economic ties across the continent.

"For PAPSS to deliver true impact, collaboration with national and private switches like Pesalink is essential," said Mike Ogbalu III, CEO of PAPSS. Pesalink is the first network they've piloted in Kenya, and adoption is already growing.

Gituku Kirika, Pesalink CEO, emphasized the transformation for Kenyan banks. They can now offer faster, cheaper cross-border payments, helping customers grow regional trading relationships and thrive in a more integrated digital economy.

The partnership represents a major step toward financial integration across Africa. As more countries and networks join the system, the continent moves closer to a future where money flows as freely across African borders as it does within individual countries.

This is what progress looks like when African institutions work together to solve African challenges.