Payments News

On The Web

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Global

Vodacom Launches Fuliza-Like Service in DRC

“Vodacash is launching its new service M-Pesa Rallonge in the DRC to allow customers to financial assistance from their cell phones. M-Pesa Rallonge is a new service dedicated to M-Pesa users with zero or insufficient balances. Users will be able to take advantage of this service to get an instant overdraft and top up their […]
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Global

PesaPal Unveils M-Pesa Tap And Go Feature

“Electronic payments firm Pesapal has unveiled a M-Pesa tap and go pay feature, allowing customers to pay for goods and services seamlessly. The Supertap platform enables Pesa mobile users to simplify Mpesa payments at the thousands of merchants using Pesapal Sabi POS machines. Customers can now tap their phones on Pesapal Sabi POS machines to […]
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Global

M-PESA to Split from Safaricom- What Happens Next?

“After years of speculations, political pressure, and internal resistance, it is finally about to happen- Safaricom and its mobile money platform M-PESA will become separate entities by 2023. Recently, its local competitor, Airtel Kenya, became the first to undertake this huge step. Airtel Kenya has already separated its mobile money business, Airtel Money, from its other services.  Currently, M-PESA services are […]
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Global

M-Pesa Active Users in Kenya Hit 32 Million

“Safaricom’s M-Pesa platform’s active users have hit 32 million, this is driven by the need for mobile payment platforms by Kenyans. Safaricom Chief Executive Officer, Peter Ndegwa said.  “During the reporting period (April 2021 to March 2022), our biggest innovation, M-Pesa which celebrated 15 years also celebrated the 30 million customer mark-monthly active customers.  And […]
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Global

M-Pesa Links Paybill with Telkom, Airtel Money

“Airtel and Telkom users will from today (Friday) access Safaricom’s pay bill platform following the upgrade of the seamless transfer of money through merchants attached to different operators. The Communications Authority of Kenya (CA) and the Central Bank of Kenya (CBK) will Friday launch the interoperability for the pay-bill service— the ability of different IT […]
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Global

M-Pesa Visa Undercuts Banks on Forex Charges

“M-Pesa virtual Visa card is undercutting Kenya’s commercial banks with lower foreign exchange rates in the race to get a larger share of the country’s cross-border payments market. The virtual card, which is initially available to more than 30 million M-Pesa users in Kenya, is charging Sh121.92 to the dollar for payments across Visa’s 61 […]
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Global

Kenya Becomes the Second African Country to Launch 5G

“Mobile network operator Safaricom has launched a 5G network in Kenya. This makes it the second country in Africa to roll out the technology to customers, according to GSMA, an organization representing mobile network operators worldwide. The company is trialling the technology in four towns, and expects to expand it to nine over the next […]
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Global

Kenya Is Preparing to Crack Down on a Flood of High-interest Loan Apps

“A new Kenyan bill seeks to license and regulate digital lending platforms in the country, in a bid to clamp down on the issuance of high-interest loans as well as the predatory practices that have accompanied the industry’s massive growth. Mobile lending apps have become an easy source of credit for Kenyans who don’t have […]
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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 […]