PostaPesa is an e-payment financial solution System (also referred to as EFT Switching System). This e-payment system enables Posta to execute the following operations electronically on behalf of various stakeholders;
• Electronic Agency Banking Services
• Mobile Money Transfer
• Card – Based Transactions
• On-line Cash Disbursements, and later
• e-payments of for E-commerce.
Currently PostaPesa partners are: Co-operative Bank, National Bank of Kenya, Kenya Commercial Bank and Credit Bank Ltd, Negotiations are ongoing with other Banks and several Deposit Taking MFIs (DTMs). The transactions entail cash deposits, cash withdrawals and balance inquiry(s).
Agency banking is the new initiative brought on board to encourage financial inclusion to the unbanked and underbanked communities. Mainstream banks have partnered with Posta Kenya and through integration of the banks to PCK’s PostaPesa switch, these banks can now reach and transact with their customers from all corners of the country via POS gadgets deployed in PCK outlets. Posta Kenya also operates as Telkos for money transfer services as an Agent e.g. M-Pesa and Airtel Money.
• Increased revenue – New Revenue Streams and Diversification of existing business.
• Convenience & Ease of Access – Banking service brought closer –No need to travel
• Efficiency – Optimize Cash management
• Flexible hours – 8.00 am to 5.00 pm.
• Real time – Transactions reflect immediately.
• Brand – Benefit from the Bank expertise
• Cost – Reduced cost of banking