CfC Stanbic Bank has launched an electronic payments service that will provide its Business Banking and SME clients with the ability to accept M-PESA payments. The payments are then settled into their bank accounts immediately or on demand without the need to physically go into a branch to deposit cash or fill any forms.
The service in conjunction with Safaricom ’s mobile money transfer service M-PESA (LIPA NA MPESA) & KOPO KOPO allows merchants, shops, supermarkets and SMEs to not only accept payments on M-PESA but also extend banking services and products to the acquired businesses.
Head of Personal and Business Banking at CfC Stanbic Bank 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.”
The service dubbed ‘Till2Bank’ will see Safaricom’s ‘Lipa na M-PESA’ platform take the role of retail payments in the first Acquiring Model for Merchant & SME Payments on M-PESA. All payments made via Lipa na M-PESA will be credited into their CfC Stanbic Bank account on demand as opposed to the current to 24 – 48hrs settlement cycles on card.