CFC Stanbic hooks to M-pesa money transfer network

By Jackson Okoth

CFC Stanbic has partnered with M-pesa, Safaricom’s money transfer service, joining a growing list of companies using the mobile technology platform.

This service will enable the bank send money by M-pesa on behalf of its customers.

"We constantly endeavour to meet client requirements and changing market trends through innovative solutions," said Mr Robert Masinde, the bank’s head of transaction banking.

Using the bulk payments option, CFC Stanbic will be able to process volume payments on behalf of customers.

Safaricom’s bulk payment service targets organisations, which do promotional payments, field staff disbursements, salary disbursements and dividend payments among others.

CFC Stanbic joins a long list of firms that have field-based staff and using Safaricom’s mobile phone platform.

Account Balance

The bank’s customers will be required to send a list of beneficiaries’ names and phone numbers, indicating the amount to be paid.

The bank will then transfer the cash to these individuals M-pesa account.

Customers can hold a maximum balance of Sh50, 000.

Withdrawals can be transacted at any of the more than 10,000 M-pesa agents countrywide, including the Pesa Point ATMs.

Safaricom’s bulk payment platform is ideal for clients who need a quick way to send funds.

Initially, the product for the retail segment, M-pesa has expanded to offer corporate solutions, including payment of bills.