Kenya Cards and Payments – Opportunities and Risks to 2026

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Kenya Cards and Payments Market Report Overview

The Kenya cards and payments market volume was $49.5 million in 2022 and is expected to achieve a CAGR of more than 17% during 2022-2026. The launch of digital-only banks is expected to promote financial inclusion in Kenya, which in turn will further drive the adoption of debit card transactions. Additionally, mobile POS terminals are being launched in the country to capitalize the growth of card-based payments.

Kenya Cards and Payments Market Outlook, 2022-2026 ($ Million)

Kenya Cards and Payments Market Outlook, 2022-2026 ($ Million)

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The Kenya cards and payments market research report provides detailed analysis of market trends in the Kenya’ cards and payments industry. It provides values and volumes for several key performance indicators in the industry including cash, mobile wallets, cards, and cheques during the review-period.

Market Size (2022) $49.5 million
CAGR >17%
Forecast Period 2022-2026
Historical Period 2018-2021
Key Payment Instruments Cards, Mobile Wallets, Cash, and Cheques
Key Segments Card-Based Payments, E-Commerce Payments, and Alternative Payments
Leading Players PesaLink, Equity Bank, Co-operative Bank, Diamond Trust Bank, Absa Bank, Standard Bank, Stanbic Bank, M-PESA, PesaPal, and Kenya Commercial Bank, Among Others.

Kenya Cards and Payments Market Dynamics

To help promote the adoption of electronic payments, the Central Bank launched the National Payments Strategy 2022-2025 in Kenya in February 2022. As part of this strategy, the Central Bank aims to facilitate the adoption of common standards and principles among industry participants to promote interoperability, develop tailored initiatives, and encourage financial awareness among different consumer segments, encourage the adoption of electronic payments among government agencies, and promote the development of customer-centric, cost-effective payment solutions – especially for financially excluded individuals.

In a bid a promote ecommerce adoption among smaller merchants, the Kenya Private Sector Alliance launched the KEPSA E-commerce Booster Program in February 2021. SMEs are given training on ecommerce, digital marketing, aftersales servicing, content creation, and management.

Kenya Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the Kenya cards and payments market are cash, mobile wallets, cards, and cheques. In 2022, cash was the major payment instrument in terms of transaction volume followed by mobile wallets. Cash is still widely used in Kenya, mainly for low-value, day-to-day transactions. However, the share of cash within the overall transaction volume fell between 2018 and 2022. With the increasing popularity of digital payments especially among younger generations, the use of cash will continue.

Kenya Cards and Payments Market Analysis by Payment Instruments, 2022 (%)

Kenya Cards and Payments Market Analysis by Payment Instruments, 2022 (%)

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Kenya Cards and Payments Market Segments

The key segments in the Kenya cards and payments market are card-based payments, ecommerce payments, and alternative payments.

Banks in Kenya are attempting to provide basic financial access to the unbanked population by expanding banking infrastructure, improving financial literacy, and making efforts to change consumers’ payment habits. These initiatives have supported the payment card market, which recorded a significant growth in 2022 in terms of payment volume and value respectively. This suggests that preferences have started to shift. Consequently, debit cards have become the most popular card type for payments, however measures are being taken to boost the use of credit cards.

Kenya Cards and Payments Market - Competitive Landscape

Some of the leading players in the Kenya cards and payments market are PesaLink, Equity Bank, Co-operative Bank, Diamond Trust Bank, Absa Bank, Standard Bank, Stanbic Bank, M-PESA, PesaPal, and Kenya Commercial Bank, among others.

Segments Covered in the Report

Kenya Cards and Payments Instruments Outlook (Volume, $ Million, 2018-2026)

  • Cards
  • Cheques
  • Cash
  • Mobile Wallets

Kenya Cards and Payments Market Segments Outlook (Volume, $ Million, 2018-2026)

  • Card-Based Payments
  • Ecommerce Payments
  • Alternative Payments

Scope

The report provides top-level market analysis, information and insights into Kenya’s cards and payments industry, including –

  • Current and forecast values for each market in Kenya’s cards and payments industry, including debit and credit cards.
  • Detailed insights into payment instruments including cash, cards, and cheques. It also, includes an overview of the country’s key alternative payment instruments.
  • Ecommerce market analysis.
  • Analysis of various market drivers and regulations governing Kenya’s cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • The competitive landscape of Kenya’s cards and payments industry.

Reasons to Buy

  • Make strategic business decisions, using top-level historic and forecast market data, related to Kenya’s cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in Kenya’s cards and payments industry.
  • Assess the competitive dynamics in Kenya’s cards and payments industry.
  • Gain insights into marketing strategies used for various card types in Kenya.
  • Gain insights into key regulations governing Kenya’s cards and payments industry.

PesaLink
Equity Bank
Co-operative Bank
Diamond Trust Bank
Absa Bank
Standard Bank
Stanbic Bank
M-PESA
PesaPal
Kenya Commercial Bank
National Bank of Kenya
NCBA Bank
Visa
Mastercard
American Express.

Table of Contents

Market Overview

Payment Instruments

Card-Based Payments

Ecommerce Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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