Payments News » Kenya

How payments ecosystem has evolved in Kenya

May 4 2018

in
Kenya

“In Kenya today, a consumer wants to swipe to pay at a clothing store, pay via mobile money at the grocery store, write a cheque for school fees, and pay cash at the fuel station. This highlights the changing dynamics witnessed in the payments industry in Kenya and around the globe, with consumers and businesses […]

Global

One of the world’s biggest mobile money services wants to become a social network

April 30 2018

“The messaging service, known as Bonga (which means “to chat” in colloquial Swahili), was partially-launched on April 26, in closed beta testing for select users on Android devices, according to documents seen by Quartz. The app will allow users to review their balance on M-Pesa, besides letting customers transact money without leaving the platform. The service […]

Domains

Interoperability lifts Equitel’s growth to Sh711bn value of transactions

April 17 2018

“Equity Bank’s mobile money platform Equitel rode on interoperability to grow, processing transactions worth Sh711.5 billion in the three months to December up from Sh650.3 billion in the previous quarter. The value of Equitel’s transactions was Sh350.5 billion, Sh258.9 million for its mobile e-commerce while person-to-person transfer on the platform amounted to Sh102 billion, according […]

Domains

Mobile commerce transactions in Kenya surpass Sh1trn

April 12 2018

“According to the Communications Authority of Kenya (CA), transactions hit Sh1.17trn ($11.6bn) in the second quarter of 2017/18, up 64% from the previous quarter’s recording of Sh714bn (US$7bn). The nation was able to reach the trillion mark despite mobile commerce transactions falling from 352mn in the first quarter to 308mn in the second quarter. “A total […]

Domains

Kenya’s Safaricom Opposes Planned Tax Increase On Mobile Cash Transfers

June 18 2018

“Kenya’s biggest mobile phone operator Safaricom is opposed to a proposed tax rise on mobile phone based cash transfers that its chief finance officer said on Monday would discourage the drive towards modern payments systems. In last week’s budget speech, Finance Minister Henry Rotich proposed increasing the excise duty on mobile transfers to 12 percent […]

Global

Bancor Launches Blockchain Platform In Kenya To Enable Community Currencies

June 19 2018

“Cryptocurrency platform Bancor announced today that it will launch a new blockchain service in Kenya as part of a financial system designed to help alleviate poverty. The service will facilitate the creation of “community currencies” to boost local commerce and peer-to-peer collaboration. A community currency is a kind of alternative financial system that a group can use to encourage […]

Global

Pesa Link moves Sh81 billion (800M USD) in first 17 months

August 14 2018

in
Kenya

“The platform is offered by Integrated Payment Services Ltd (IPSL), a fully-owned subsidiary of Kenya Bankers Association (KBA), and can handle person-to-person transfers from as low as Sh10 to a high of Sh999,999. Agnes Gathaiya, CEO of IPSL, says the platform’s subscriber base has continued to grow with the number of banks adopting it rising […]

Domains

Postbank Kenya unveils mobile banking service M-chama

August 10 2018

“According to Kenya Broadcasting Corporation (KBC), the bank, aka Kenya Post Office Savings Bank, will offer loans. KBC says M-chama currently has close to 2,500 groups registered and expects to recruit 3,500 more groups by the end of the year. KBC adds that more than 45 million Kenyans own a mobile phone. State-owned Postbank will have competition in Kenya’s mobile market.”

Global

Safaricom Exploring Use of Biometrics in SIM Swap Requests

August 10 2018

“We recently highlighted that at least 22 suspects had been arrested in connection with the recent SIM swap fraud cases that got public attention after it was brought to light just how many millions of shillings scammers mint from unsuspecting Kenyans through social engineering that leads to SIM swapping and eventually looting of money through mobile money […]

Global

Kenya’s Equity Bank Launches Jenga API Gateway

August 23 2018

in
Kenya

“Equitel, a money management platform and subsidiary of Kenya’s Equity Bank, has launched the Jenga Payment Gateway API. The API provides programmatic access between telcos, mobile wallets, card associations, governments, credit bureaus, and banks. Between such entities, users can send and receive money, check balances and statements, open accounts and more. Businesses can utilize the API for […]