Kenya
Cash is the primary payment method used in online retail in Kenya, accounting for 40% of the total share, while card payments represent 25%. Credit and debit cards are accepted by most of the digital platforms in the country.
Top banks
Cash is the primary payment method used in online retail in Kenya, accounting for 40% of the total share, while card payments represent 25%. Credit and debit cards are accepted by most of the digital platforms in the country.
ABC Bank (Kenya)
ABC Capital is a leading stock brokerage company in Kenya offering a flexible range of world class wealth management services to investors in the East Africa region. As a member of the Nairobi Securities Exchange (NSE) since inception in 1954, the firm has shared a rich heritage in the fortunes of one of Africa’s leading stock markets. In 2008, ABC Capital was acquired by African Banking Corporation Limited (ABC Bank), an award winning commercial bank that offers a variety of financial solutions tailored to meet its customers’ needs. Thus ABC Capital immediately benefited from ABC Bank’s professionalism and key competencies of relationship management and expert approach in terms of its operations embodied in the ISO 9001:2008 certification awarded to the bank in January 2008. This makes ABC Capital’s client experience, provided through the bank’s branch network, exceptional. Our team of professional and highly experienced wealth managers lay great emphasis in understanding the customer’s goals and risk appetite. We have a dedicated research team that conducts research on the key economic sectors and capital markets in the East Africa region.
Absa Bank Kenya PLC
We're committed to finding local solutions to uniquely local challenges and everything we do is focused on adding value. To this end, we offer our clients a range of retail, business, corporate and investment, and wealth management solutions.
Access Bank
Access Bank PLC is a subsidiary of Access Bank PLC, a leading full-service commercial Bank operating through a network of more than 600 branches and service outlets, spanning three continents, 12 countries and over 36 million customers. Access Bank's parent company, Access Corporation, has been listed on the Nigerian Stock Exchange since 1998 and has over 900,000 shareholders. As at 31 March 2022, Access Bank had total assets of approximately US $28.8 billion.
BANK OF AFRICA Group
BANK OF AFRICA Group (BOA Group) is currently present in 18 countries: 8 in West Africa (Benin, Burkina Faso, Côte d’Ivoire, Ghana, Mali, Niger, Togo and Senegal), 8 in East Africa and the Indian Ocean region(Burundi, Djibouti, Ethiopia, Kenya, Madagascar, Uganda, Rwanda, Tanzania), 2 in central Africa (Africa the Democratic Republic of Congo and Congo) and France. The BOA Group network of 19 commercial banks, 1 global holding company, 2 regional holding companies, 1 investment company, 2 technical support subsidiaries, 2 processing and IT support companies, and 1 representative office in Addis Ababa. Since 2010, BANK OF AFRICA Group has been majority-owned by BMCE Bank (whose name recently changed to BANK OF AFRICA), the 3rd largest bank in Morocco. BMCE Bank brings strong strategic and operational support to BANK OF AFRICA Group, as well as direct access to international markets in view of its presence in Europe and Asia. Established over 35 years ago in Mali, BOA Group currently has a total of about 6,500 employees. In the year ended 31 December 2022, the Group recorded a consolidated balance sheet of EUR 10.2 billion and consolidated net income of EUR 216.6 million.
Bank of Baroda
It is a story scripted in corporate wisdom and social pride. It is a story crafted in private capital, princely patronage and state ownership. It is a story of ordinary bankers and their extraordinary contribution in the ascent of Bank of Baroda to the formidable heights of corporate glory. It is a story that needs to be shared with all those millions of people - customers, stakeholders, employees & the public at large - who in ample measure, have contributed to the making of an institution. To Maximize customer satisfaction through well-trained staff and strive to establish a mutually beneficial and long-term business relationship. To be the most respected and preferred mid-size bank, striving to enhance stakeholders' value with care, concern, and competence. Marking 70 Years of Bank of Baroda (Kenya) Ltd. in Kenya.
Top payment methods
Open banking allows shoppers to directly pay from their bank through an account-to-account payment that makes for a user- friendly, secure and cost-effective payment experience.
A Direct Debit is an instruction from a customer to their bank, authorizing a business to collect an agreed amount from their account. BACS is the simplest way for companies to get paid for regular or occasional payments from their UK customers, both business and consumer.
M-Pesa
A product of telecommunications giant Safaricom, M-Pesa is one of Africa's biggest mobile payment networks. M-Pesa offers arguably the best mobile payment services in Africa, extending to other African countries like South Africa and Zambia. It allows customers to transfer money to each other using their mobile phones. Customers can also make payments at physical stores that accept M-Pesa, and the network has become a vital part of the economy in countries like Kenya and Tanzania. The service is so integral to the economy. In Kenya, over 90% of mobile money transactions are routed through M-Pesa. The system has also expanded to other African countries and is now used by over 50 million people and 400,000 agents across seven countries.
One of the best features M-Pesa offers is its ability to process cross-border payments, which allows you to send payments internationally through its international remittance partners. For example, if you’re based in Kenya and want to send money to a loved one in Nigeria, M-Pesa will make this happen in minutes through its Western Union affiliation. This can save you time and money since you won’t have to go through the process of sending money through a traditional remittance service. You can find a list of international remittance partners on the M-Pesa website. The remittance partners offer varying services and currencies, so it’s worth browsing the list to find the one that works best for you.
Airtel Money
Airtel Money is a Mobile Commerce service from Airtel in partnership with Central Bank of Nigeria licenced operator that allows customers to make online and offline payments, pay bills, top up their mobile phones and make and receive money transfers. Customers can load their wallets via payment cards, or bank accounts or connect their mobile numbers to bank accounts via UPI for sending/requesting payments.
T-kash
T-kash is a Mobile Financial Service owned by Telkom Kenya LTD that offers a wide range of cross functional solutions both for consumer and enterprise markets. The service allows customers to: Deposit money to a customer wallet through an authorised T- kash Agent. Sending money from your mobile number to any other number conveniently across all networks. Withdrawing money from any authorized T- kash Agent. Topping up airtime for your Telkom Kenya mobile number or another customer’s number. Paying utility bills and paying for goods and services at T- kash registered merchants.
Concluding remarks
In Kenya, there are several payment methods available to consumers, including mobile payments, bank transfers, online payments and cash:
Cash
While the use of cash has been declining in Sweden, it is still accepted in many places,especially for small transactions. However, it's worth noting that some businesses, particularly inlarger cities, have transitioned to cashless operations.
Debit and Credit Cards
Debit and credit cards, such as Visa and Mastercard, are widely accepted inSweden. They can be used for both in-person and online transactions. Contactless payments withcards and mobile devices are also popular in the country.
Mobile money
Mobile money services such as M-PESA, Airtel Money, and T-Kash are widely used in Kenya. These services allow users to send and receive money, pay bills, buy goods and services, and withdraw cash from agents.
Bank Transfers
This method allows individuals and businesses to transfer funds directly from onebank account to another. Bank transfers can be done online through internet banking or by visitinga physical bank branch.
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About us
Processing News is an Online Wikipedia of the payment world. We collect and publish information about payment habits in different countries, describing methods that payers use in their daily life.
We attract website owners and payment professionals on our portal through marketing channels and personal communication. Also we work as affiliates and recommend to the website owners where they can find a PSP who supports their business model and we introduce clients to PSP.
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