PesaLink, Kenya’s real-time interbank transfer platform, has entered the diaspora remittance sector through a new partnership with NALA and Equity Bank. The collaboration will enable instant transfers from the US, UK, and Europe, allowing recipients in Kenya to receive money directly into bank accounts or mobile wallets within seconds.
Partnership Strengthening Kenya’s Financial Networks
Equity Bank described the collaboration as a synergy of strengths:
- PesaLink provides instant payment infrastructure.
- NALA, a global fintech platform, connects diaspora senders.
- Equity Bank delivers a strong local presence and customer base.
“This partnership leverages PesaLink’s instant payment infrastructure, NALA’s global fintech platform, and Equity Bank’s extensive local network to enhance the efficiency and affordability of last-mile remittance transfers,” the bank stated.
Benefits for Individuals and Businesses
For individuals, the partnership means faster and more reliable remittances. As NALA explained, “money sent from abroad arrives instantly into bank accounts or mobile wallets, improving day-to-day financial planning.”
Beyond households, the move has significant implications for businesses. Payroll companies will be able to process cross-border salaries instantly, while SMEs and merchants can pay suppliers more efficiently, reducing delays and improving operations.
Diaspora Remittances: A Vital Lifeline
Diaspora remittances remain a key source of foreign exchange in Kenya. In 2024, inflows hit a record US$4.94 billion (KES 638 billion). By integrating PesaLink into remittance flows, the new partnership is expected to make transfers faster, cheaper, and more accessible to millions of Kenyans.
Outlook
With instant transfers, lower costs, and expanded reach, the partnership between PesaLink, NALA, and Equity Bank is set to transform remittance services in Kenya. By combining fintech innovation with established banking and payment infrastructure, it strengthens Kenya’s position as one of Africa’s most dynamic digital economies.
