A Black-owned tech company in Kenya, Integrated Payment Services Limited (IPSL), has recently launched a new money transfer service called PesaLink that has grown tremendously in just a short period of time. In less than two months, 2 million banks customers have signed up for their service.
The new e-money service, PesaLink, allows registered bank customers make money transfers 24/7. Customers no longer have to go to the bank or teller machines to complete their bank transactions. They can make instant, real-time transactions up to 999,999 Kenyan Shillings, which is roughly just under $9,600 USD.
Online retail is a booming industry in the U.S. with sales expected to increase by 45 percent this year, but in Africa only about 1% of all transactions happen online. So, two Nigerian entrepreneurs have developed a product that offers a centralized way for African online merchants to accept online payments, and they just received $1.3 million in seed investment to help fund their company which is based in Lagos, Nigeria.
