Stanchart boosts Lipa na M-Pesa system

Standard Chartered Bank has partnered with Safaricom to introduce a platform that allows customers and agents using the Lipa na M-Pesa service to convert electronic money into cash in real time. This follows the integration of the M-Pesa platform with Standard Chartered’s payment system.

On receipt of e-values from merchants’ paybills or till numbers, the bank will immediately credit their accounts with cash. Merchants have been using a manual system that takes a minimum of six hours to credit accounts.

The partnership will also allow them to transfer to the bank as little as Sh50, from the current minimum of Sh35,000.