Categories: FINTECHTechnology

Number of Kenyan payment providers increases by 50pc

The number of licensed payment service providers in Kenya has doubled this year, pointing to how lucrative the sector is.

The number of providers rose to 17 as at the end of August, from nine firms at the end of 2021. Four firms were issued with permits last month, according to a list by the Central of Kenya.

Direct Pay Limited, Pesawise Services Limited and Craft Silicon Limited, Virtual Pay International Limited received their licences in August. Other companies that received the licence this year are Finserve Africa Limited, Web Tribe Limited, Cellulant Kenya Limited and Kenya Airports Parking Services (KAPS) Limited.

The adoption of bank cards to shop has risen significantly in the last decade indicating increased consumer preference for the convenience of the payment option.

The Covid-19 pandemic also significantly boosted prospects for those offering digital payment services, as more consumers adopted online shopping, and reduced the usage of cash as one of the ways of curbing spread of the virus.

 

Daphne Oloo

Recent Posts

Africa tech forum 2024 kicks off in Kigali

Africa Tech Forum 2024 opened today in Kigali, bringing together leaders in technology, business, and…

13 hours ago

Microsoft launches Windows Resiliency Initiative to bolster security and avoid future outages

 In the wake of a massive security update failure that disrupted an estimated 8.5 million…

15 hours ago

Bolt launches Mobility Alphabet campaign to promote literacy on World Children’s Day

Bolt marked World Children’s Day with the launch of its Mobility Alphabet Campaign, a creative…

19 hours ago

Orange Egypt showcases 5G, AI, and smart city innovations at Cairo ICT’24

Orange Egypt highlighted its cutting-edge solutions for digital transformation at the 28th Cairo ICT’24 exhibition,…

20 hours ago

Gebeya joins Microsoft’s ISV Success and Azure Startup Programs

Gebeya Inc., a pan-African talent cloud technology firm based in Ethiopia, has announced its inclusion…

20 hours ago

Yellow Card secures key crypto license in South Africa

Yellow Card, a leading pan-African stablecoin platform, has achieved a major milestone by securing a…

1 day ago