Payments News

On The Web

nbsp;

Global

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

August 14 2018

“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 […]
nbsp;

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.”
nbsp;

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 […]
nbsp;

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 […]
nbsp;

Global

Kenya’s Equity Bank Launches Jenga API Gateway

August 23 2018

“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 […]
nbsp; nbsp;

Deals

Safaricom, Alibaba Unit Agree Mobile-Payments Partnership

March 13 2019

“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 […]
nbsp;

Global

Mobile money transactions equivalent of half of Kenya’s GDP

January 25 2019

“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 […]
nbsp;

Global

Mobile money transactions fall on new taxes

November 19 2018

“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. “
nbsp;

Global

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

February 13 2020

“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 […]