M-PESA Agents To Get Faster Cash Settlement

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Standard Chartered has introduce a proposition that allows business customers and M-PESA agents deposit and access their float in real time through its partnership with Safaricom.

This follows the integration of the M-PESA platform with the Standard Chartered payment system thereby shortening the time the merchants take to convert the e-value to cash since they will not have to use the manual RTGS system that has been taking a minimum of six hours.

The merchants can now transfer to Bank as little as Ksh 50, from current minimum of Ksh 35,000, to a maximum of Kshs 50 million per transaction. Funds transfer will be allowed only from a merchant headquarters or through a PayBill to PayBill Number belonging to their bank.

Customers using the service will push e-value from merchant paybill or till to Standard Chartered paybill 329329. On receipt of the e-value, Standard Chartered will automatically credit the client’s account.

Apart from the real time settlement of e-value into cash – any day and time, there is also an increased limit on how much a client can settle per request; previously merchants could settle up to KES 5 million, whereas this platform allows the merchant to settle up to KES 50 million.