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

Campost and FindMe team up to modernize mail delivery in Cameroon

Cameroon Postal Services (Campost) has partnered with FindMe, an address management start-up, to modernize mail…

14 hours ago

Nigeria’s tech sector focuses on expanding connectivity to rural regions

In a bid to bridge Nigeria's digital divide, industry leaders gathered in Lagos for the…

15 hours ago

Visa invests in four African fintech startups to boost financial innovation

Visa has made strategic investments in four African fintech startups—Oze, Workpay, OkHi, and ORDA—that recently…

16 hours ago

Huawei to host hackathon to boost digital innovation in Kenya

Chinese tech giant Huawei has announced plans to host a hackathon in early December, aiming…

16 hours ago

KCB customers withdraw $7.7 million due to system glitch during migration

A system malfunction during a key data migration allowed customers at KCB Group, Kenya’s largest…

3 days ago

Mozambique social media restricted as runner-up in hiding

Mozambique's social media platforms have been restricted as Venâncio Mondlane, a main opposition figure in…

3 days ago