Payments News

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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Global

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

“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 […]
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Domains

Interoperability lifts Equitel’s growth to Sh711bn value of transactions

“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 […]
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Domains

Mobile commerce transactions in Kenya surpass Sh1trn

“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 […]
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Global

Barclays Bank Kenya unveils Timiza Mobile Money

“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.”
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Global

Kenya starts review of microfinance banking law

“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.”