We're often asked what payment and payout methods are most preferred in a particular market. As we're focusing on Kenya this week, it's a perfect time to answer this question.
CHANGES IN PAYMENTS IN Kenya
The financial landscape in Kenya is dynamic. From buying to selling to being compensated for work, Alternative Payment Methods (APMs) are not just thriving; they are reshaping the economy - and the country.
Here’s a look at the top five APMs that are dominating in 2023 (and should continue to grow in 2024), offering convenience, increased security, versatility, and financial inclusivity.
WHAT ARE THE MOST PREFERRED APMS IN KEnya?
M-Pesa: The Mobile Money Revolution
M-Pesa, the most popular payment method in Kenya, has transformed the financial sector since its inception in 2007. Today, supporting over 30 million users (or more than 50% of the Kenyan population), M-Pesa allows individuals to store money digitally, transfer funds, pay bills, and even access microloans—all from their smartphones. It’s not just a payment method; it’s a financial lifeline for many.
PayPal's ability to handle multiple currencies and integration with M-Pesa enhances its appeal, improving the efficiency and effectiveness of cross-border transactions.
Not far behind is Airtel Money, a service by Airtel Kenya, with over 17 million subscribers by the end of 2022. This mobile money service lets users perform financial transactions effortlessly via mobile phones, contributing significantly to financial inclusion in the country.
Skrill has carved its niche in Kenya as a top global payment platform. It allows Kenyans to receive money in various currencies and conveniently transfer it to their M-Pesa accounts.
Pesapal is steadily increasing its presence as a digital and mobile payments platform. It connects users to various mobile money services, facilitating secure transactions for a plethora of goods and services. It acts as an alternative intermediary, ensuring safe and hassle-free payments for those seeking an alternative to M-Pesa and Airtel Money,
These alternative payment methods, and dozens more, reflect Mexico's evolving financial landscape. Digitalization, the need for convenience, and an extremely young population are playing crucial roles in the evolution of these services.
If you're ready to get started in Kenya, or you're ready to evolve your existing strategy, remember, we're here to help.