In a move that could benefit thousands of debit card accountholders in Kenya, the PesaPoint ATM network has launched a service providing small-bank customers ATM access at a standard and reduced fee.
Founded in 2005, PesaPoint is an independent network with 600 ATMs that allows customers to withdraw cash, pay bills and access their M-Pesa accounts.
M-Pesa is the product name of a mobile phone-based funds-transfer service for Safaricom Ltd., a Telkom Kenya and Vodafone affiliate, in Kenya and Tanzania.
“We are providing a service where small banks do not have a presence and they have to use the infrastructure of larger banks,” a spokesperson for PesaPoint tells PaymentsSource, noting the service already has attracted partner banks, such as NIC Bank Ltd.
The PesaPoint Interconnect service charges customers of smaller banks reduced ATM fees, according to the spokesperson. At larger banks’ ATMs, customers of smaller institution pay 150 shillings (US$1.80 or 1.3 euros) to 200 shillings to withdraw cash, he says. “We will offer the same services at reduced transaction costs,” the spokesperson says, declining to disclose specific prices.
ATM networks in Kenya are owned and operated by such major banks as Barclays Bank Ltd., Standard Chartered Bank Ltd. and Equity Bank.
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