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 a leading pan-African banking network operating in 18 African countries and France, offering retail, corporate, and investment banking services. With 19 commercial banks, regional holdings, and support subsidiaries, BOA Group, majority-owned by BMCE Bank (Bank of Africa Morocco), employs over 6,500 professionals and recorded a consolidated balance sheet of EUR 10.2 billion in 2022.
Bank of Baroda
Bank of Baroda Kenya, part of the historic Bank of Baroda group, celebrates over 70 years of serving Kenya. Committed to customer satisfaction, well-trained staff, and long-term business relationships, the bank provides reliable retail, corporate, and commercial banking services, enhancing stakeholder value with care, competence, and trust.
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
M-Pesa, a leading mobile payment platform by Safaricom, is one of Africa’s largest mobile money networks, serving over 50 million users across Kenya, Tanzania, South Africa, Zambia, and other countries. It enables peer-to-peer transfers, in-store payments, and international remittances through partners like Western Union, supporting financial inclusion, cashless transactions, and cross-border payments. In Kenya, over 90% of mobile money transactions are processed via M-Pesa, making it a vital part of East Africa’s digital economy. The service also offers fast, convenient, and secure international money transfers, making it a top choice for users seeking mobile banking and digital payment solutions across Africa.
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.
Cards:
Debit and credit cards in Sweden, including Visa and Mastercard, are among the most widely accepted payment methods for both in-store and online purchases. Contactless payments using cards and mobile payment apps like Apple Pay and Google Pay are extremely popular, reflecting Sweden’s shift toward a cashless economy.
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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