Payments News

On The Web

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Global

Value of Card Payments Down Sh6.4 Billion

“The value of payments made through cards last year dropped for the first time in six years amidst the lockdown measures and continued preference for mobile money services. Central Bank of Kenya (CBK) data shows the value of payments through point of sale (POS) machines dropped by 3.8 percent in 2020 to Sh157.72 billion from […]
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Domains

Kenyan Banks Rattled As Mobile Payment Platforms Surge in 2020

“The Kenyan banking industry has reportedly lost around $11 million in revenue from card payments to telco mobile platforms in the last nine months With the coronavirus pandemic still ongoing, bringing with it a host of economic struggles, Kenya’s banks are feeling the strain. But this is not just a matter of fewer transactions taking […]
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Domains

Kenyan bank launches mobile payments service

“A partnership with a UK-based company will give Prime Bank customers in Kenya access to mobile payments. Nairobi-headquartered private bank Prime Bank has taken a further step into the fintech market by launching an international money transfer service, in collaboration with London-headquartered company SimbaPay. The service will allow customers to send money to bank accounts and mobile wallets […]
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Global

Startup Bill 2020 to Benefit Startups with Majority Kenyan Ownership

“The Kenyan parliament has published a Startup Bill in its National Gazette. Among several interesting provisions, the government wants to create a number of incentives for startups as well as protection for intellectual property. The Startup Bill 2020 is sponsored by the Nairobi County Senator, Johnson Sakaja, and provides a framework for the development of […]
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Global

Kenya’s Central Bank Extends Mobile Payments Relief by Six Months

“Kenya will extend various relief measures on mobile phone payments that were introduced to help to curb the spread of the new coronavirus by a further six months, the central bank said on Wednesday. The East African country introduced the measures to encourage cashless payments on mobile phones because the government said avoiding the use […]
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Global

Tech Startups Are Flooding Kenya With Apps Offering High-Interest Loans

“In Kenya, the first country where digital credit has gone mainstream, borrowers are learning that with financial inclusion comes financial risk. With dozens of apps offering short-term advances similar to payday loans, word of debt’s dangers is spreading from the office towers of Nairobi to the grasslands of Maasai Mara. People who once borrowed mainly […]
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Deals

Safaricom, Alibaba Unit Agree Mobile-Payments Partnership

“Safaricom Plc, Kenya’s biggest mobile operator, agreed a partnership with a unit of Alibaba Group Holdings Ltd. that will facilitate electronic payments. The deal extends Safaricom customers’ ability to use its mobile-money service, known as M-Pesa, outside Kenya as the company looks to establish the system as a global platform. The firm has existing agreements […]

On The Wires

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Domains

O-CITY enters Kenya to drive contactless payments across Matatu bus service

“O-CITY , the automated fare collection provider by BPC, today announces its initiative to drive contactless payments across bus services in Nairobi, Kenya. The O-CITY pilot, designed to reduce the use of cash in response to the COVID-19 pandemic, was launched in partnership with transport savings and credit specialists, NikoDigi, and Kenyan payments firm, Tracom, to […]