Faulu Kenya has inked a deal to enable its customers to withdraw cash from machines within the PesaPoint ATM network, the Kenya-based financial company announced recently.
Under the deal, Faulu Kenya’s 20,000 customers will have access to PesaPoint’s ATM network of 113 ATMs in 46 towns countrywide.
“Faulu Kenya’s customers will be able to access cash through Faulu’s card,” an official from the company tells PaymentsSource.
Customers may use the Daraja credit card to borrow small amounts of money, up to their credit limit, from Faulu Kenya. Faulu Kenya is a deposit-taking microfinance institution that operates 26 branches countrywide, including six in Nairobi.
“This deal will open us up to those who do not currently have access to our branch network,” the official says.
PesaPoint Ltd., a private company established in 2005, created the PesaPoint ATM network, which is part of the Paynet Group that also includes Paynet Kenja, EFT Kenya and Paynet Zimbabwe.
The network accepts MasterCard, American Express and JCB cards. Cardholders pay 65 Kenyan shillings (78 U.S. cents or 64 euro cents) per PesaPoint ATM withdrawal.
In January, the network launched its first mobile-banking service through a new account called Pesa Chap Chap that enables customers to apply for credit and initiate deposits using their mobile phones.
Equity Bank also launched a similar mobile funds-transfer service called M-Kesho late last month in a deal with telecommunication firm Safaricom Ltd. (see story).