Stanbic Bank Kenya becomes first lender to launch automated float purchase platform for Mpesa agents

Stanbic Bank has become the first bank in Kenya to offer an Automated Float Purchase platform for Mpesa agents.

The service will be available through its newly installed Cash Deposit machines (at selected digital branches) and the bank’s tellers at all other branches. Mpesa agents will be able to purchase float of any amount between Kes 5,000 to Kes 400,000 per transaction using the platform.

All Stanbic Bank branches will accept teller deposits for float purchases and have a dedicated teller/queue for Mpesa Agents.  The service is currently available at the newly installed Cash Deposit machines at Kenyatta Avenue and ILH branches with the other digital branches hosting the Cash Deposit machines also having gone live.

The commission charged will be 0.05% of the amount with a minimum charge of Ksh50.

Stanbic Bank was the first bank to introduce the Cash Deposit Machines in the market. The machines are located at selected branches where customers can make real time cash deposits with no human interaction.