Payments News » Kenya

M-Pesa maintains top slot of mobile money space

March 23 2018

“M-Pesa subscribers grew 32 per cent to 22.62 million as at June 2017 from 17.12 million the previous year. For the 2016-17 fiscal year, mobile money services were offered by six operators.”

Global

Barclays Bank Kenya unveils Timiza Mobile Money

March 16 2018

in
Kenya

“Barclays Bank Kenya has unveiled a digital platform known as Timiza – through which customers can access loans, save money, pay for services like an insurance premium, water, buy goods or any other product provided by the bank instantly.”

Global

Kenya starts review of microfinance banking law

March 5 2018

in
Kenya

“Kenya has started review of the law on microfinance banking as it seeks to increase their role in providing financial services especially to the increasing number of small and medium scale enterprises, the Central Bank of Kenya (CBK) has said.”

Global

Kenya won’t force a spin-off of the world’s leading mobile money service after all

February 26 2018

in
Kenya

“Almost exactly a year ago, a report from an independent consultant to Kenya’s telecoms regulator, sparked uproar and panic. It recommended the government look into breaking up the dominant mobile operator Safaricom by spinning off the even more dominant mobile money service, M-Pesa. Now, the global consulting firm that made that controversial recommendation seems to have […]

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

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

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

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 […]

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 […]