Gulf African Bank waives Pesalink fees, a first in the industry
News · announcedFriday 30 October 2026
Gulf African Bank will waive Pesalink transfer fees, which the outlet describes as an industry first. The move targets customers sending money between bank accounts.
Fee cuts on interbank transfers signal competitive pressure on payment pricing among Kenyan mid-sized banks.
Cardtonic has launched in Kenya with a US dollar wallet alongside a Kenyan shilling wallet, plus virtual cards. The company positions the product as access to the global digital economy rather than a standard remittance service.
Banks and fintechs are applying 16 percent VAT to fees for payment processing, card settlement and payment gateway services under the Finance Act 2026. The change alters the tax treatment of services used to move money.
The Kenya Bankers Association 2025 Customer Satisfaction Survey shows mobile money subscriptions grew 22 percent to 51.4 million. Active mobile money agents rose 24 percent to 473,536, and Co-op Bank ranked highly among younger customers.
Safaricom has launched Fuliza Ya Pochi, an overdraft facility for eligible micro-business merchants using Pochi La Biashara wallets. It lets merchants draw credit when business wallets lack sufficient funds.
