Afcacia

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.