(Last Updated On: April 17, 2014)
Kenswitch Ltd now have a service where you can transfer money between different banks who are registered on its system. The service is known as Domestic Interbank Transfer Service.
The system is based on agency banking model where customers can make real time deposits in their bank accounts. Kenswitch claims the transfer service will take between four to six seconds.
How much will you be charged to transfer through Kenswitch?
You will be charged as low as sh2 to a high of sh200 depending on how much you will be transacting. Transaction value of between sh1000 – sh9,999 will be charged sh20 while those of more than sh500,000 will be charged sh200. Transactions of less than sh1000 will be charged 1.5% of the value.
This product is aimed at reducing the usage of cheques and cash during transfers and is mainly targeting the business sector.