SBM Bank Statement on Lowering Interbank Transfer Fees to Ksh. 20 for upto 1M Transaction

SBM Bank Kenya and the Integrated Payment Services Limited (IPSL) have signed a partnership that will see the Bank offer the lowest transfer fees for money transfer services in the market as the Bank enhances its payments solutions services to clients.

Through the partnership, customers using IPSL's Pesalink money transfer on SBM Mfukoni app and online banking will be able to send between KES 1 and KES 1,000 for free; and between KES 1,001 and KES 999,999 for a flat rate of KES 20 - the lowest in the market.

The campaign will provide a framework to assess customer demand, pricing sensitivity, and usage patterns with a view to extending similar pricing models across Pesalink's broader network of banking partners in the future.

Pesalink is a 24/7, instant, and affordable payment channel that works outside traditional banking hours, even on public holidays—making it Kenya's leading interbank transfer solution for single transfers that are under KES 1 million.

In 2024, Pesalink facilitated transactions worth over KES 1.1 trillion, with an average ticket size of KES 135,236—translating to 8.2 million instant transactions and underpinning its growing profile as a preferred payment transfer platform particularly for businesses.

The partnership announcement comes on the back of SBM Bank's announcement of a KES 202 million profit before tax for the half year to June 2025 against a KES 934 million loss in the same period last year—underpinning the Bank's turnaround strategy.

The Bank's Total Assets grew to KES 105.7 billion over the same period, up from KES 92.6 billion in the first half of 2024, whilst customer deposits grew by 37 percent to KES 76.2 billion, driven by an expanding customer base and deepened relationships across key segments.