PaymentsNews

On The Web

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Global

Safaricom Exploring Use of Biometrics in SIM Swap Requests

“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 […]
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Global

Bancor Launches Blockchain Platform In Kenya To Enable Community Currencies

“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 […]
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Global

How payments ecosystem has evolved 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 […]
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Domains

Postbank Kenya unveils mobile banking service M-chama

“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.”
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Global

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

“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 […]
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Global

Mobile money transactions fall on new taxes

“Mobile money transactions have declined in the wake of new taxes introduced on digital cash transfers and bank charges. Data from the Kenya National Bureau of Statistics (KNBS) indicate that transactions marked one of the steepest declines in several months, both in the number and value of money sent. “
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Global

Kenya’s Equity Bank Launches Jenga API Gateway

“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 […]
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Global

Mobile money transactions equivalent of half of Kenya’s GDP

“Central Bank of Kenya (CBK) data shows that mobile money transactions stood at Sh3.98 trillion ($38.5 billion) last year, having increased by Sh346 billion (10%) from 2017. This translates to an average value of Sh10.92 ($108 million) billion mobile cash transactions per day. n short, Kenyans moved nearly half the equivalent of the country’s gross domestic […]