🇰🇪Kenya
Payment trends and fintech news from Kenya
African Fintechs Deploy Alternative Data to Extend Credit to Underserved
African fintech startups are using alternative data from mobile money and digital transactions to offer credit to an estimated 300 million people without formal credit histories. While the model shows promise in expanding financial access, its scaling faces challenges, including regulatory hurdles and low merchant adoption for services like BNPL in West Africa.
NALA Secures $50 Million Credit Facility to Expand Cross-Border Payments
African payments company NALA has secured a $50 million credit facility to expand its cross-border remittance and B2B payment services. The debt financing reflects a broader trend in African fintech towards building credit infrastructure and deepening financial services beyond core payments.
Yuno Partners with Onafriq to Connect Global Merchants to African Payments
Yuno has partnered with Onafriq to integrate hundreds of African payment methods into its global orchestration platform. The deal aims to simplify cross-border commerce for international merchants by providing a single gateway to local options like mobile money and bank transfers.
Kenya's 2026 Finance Bill Proposes New Taxes on Phones and M-Pesa
Kenya's Finance Bill 2026 proposes a 2% tax on mobile phones and a new levy on M-Pesa transactions. The measures, part of the budget presented on June 11, could raise costs for consumers and spark debate on digital inclusion as the bill moves through parliament.
PayAngel expands African payouts with Visa and Currencycloud integration
PayAngel has partnered with Visa and Currencycloud to expand its remittance payout network across Africa, aiming for faster and more transparent transfers to bank accounts and mobile wallets. The move aligns with broader industry efforts to improve cross-border payment efficiency on the continent through new partnerships and digital asset integrations.
PayAngel Expands Global Payout Network via Visa and Currencycloud
PayAngel has partnered with Visa and Currencycloud to broaden its international payout services, enabling faster transfers to Visa cards in over 100 countries. This expansion aims to address the persistent challenges of cost and complexity in cross-border payments for African businesses and individuals.
CreditChek Secures $600,000 to Build Credit Infrastructure in East Africa
Kenyan fintech CreditChek has raised $600,000 in pre-seed funding to expand its alternative credit scoring platform across East Africa. The investment, led by Consonance Investment Managers, will fund growth in Kenya and entry into Tanzania and Uganda, targeting consumers excluded by traditional banking models.
Yamify Secures Pre-Seed Funding to Build 'Heroku for AI' Platform in Africa
Yamify, a new platform aiming to simplify AI deployment for African developers, has closed a pre-seed funding round. The startup's launch comes as interest grows in both AI development tools and applied AI solutions for the African market.
M-Pesa Named Among Top 100 Global Cross-Border Payment Platforms
Safaricom's M-Pesa has been ranked among the top 100 cross-border payment platforms globally by FXC Intelligence. The recognition comes as Kenya's government proposes a new VAT rate that could significantly increase taxes on M-Pesa transaction fees.
Kenya Hosts IFTEX 2026, Emphasizing Floriculture's Economic Impact
Nairobi is currently hosting the 13th International Flower Trade Exhibition (IFTEX 2026), highlighting Kenya's prominent role in global floriculture, with industry leaders focusing on sustainability and market expansion. The sector contributes significantly to Kenya's economy, generating $850 million annually and supporting over 200,000 direct jobs.
Kenya Aims for Universal Electricity Access by 2030, Focuses on Last-Mile Connections
Kenya is focusing on last-mile connections and mini-grids to reach its goal of universal electricity access by 2030, with plans to invest $65 million to connect over 53,000 households in the northern part of the country. This effort builds on the success of the Last Mile Connectivity Programme, which has connected over 6 million households in the past decade, bringing total connected households to over 10 million.
dLocal acquires AZA Finance assets in $23.7 million deal
dLocal acquired specific assets from AZA Finance for $23.7 million, a scaled-back deal from its initial acquisition plans in June 2025. The transaction, settled through debt cancellation, gives dLocal key operations and customer relationships in Cameroon and the Francophone Central African region.
Interswitch partners Temenos to expand banking technology services in Africa
Interswitch has partnered with Temenos to offer managed banking services to financial institutions across Africa. This collaboration enables Interswitch to provide comprehensive banking technology solutions, targeting the modernization of legacy systems in key African markets.
Esca Finance Partners with MANSA for Same-Day African Payment Settlements
Esca Finance has partnered with MANSA to enable same-day payment settlements across key African corridors, utilizing stablecoin-backed infrastructure. This collaboration aims to enhance liquidity and accelerate cross-border transactions for businesses, reducing the need to pre-fund accounts in multiple markets.
M-Pesa launches direct cross-border payment corridor with Ghana
M-Pesa has launched a direct cross-border payment service between Kenya and Ghana, enabling faster and potentially cheaper remittances. The move expands the mobile money giant's network in West Africa and aligns with broader efforts to facilitate intra-African financial flows.
Kenya's Proposed Digital Tax on M-Pesa Transactions Draws Industry Concern
Kenya's proposed 16% VAT on mobile money transfer fees in the Finance Bill 2026 threatens to increase costs for M-Pesa users, with analysts warning it could hinder digital payment adoption and financial inclusion. The tax plan emerges as Safaricom expands M-Pesa's accessibility to rival network users and the diaspora, highlighting a tension between government revenue goals and platform growth strategies.
Mastercard Partners with Yellow Card to Expand Stablecoin Payments in Africa
Mastercard has partnered with crypto exchange Yellow Card to expand stablecoin-based payment services across Africa, aiming to simplify cross-border transactions. The move aligns with growing interest from other payments firms and central banks in leveraging digital currencies for trade and remittances.
Safaricom Clarifies Lipa Na M-PESA Removal as Part of Platform Upgrade
Safaricom has stated that the reported removal of the Lipa Na M-PESA feature from the SIM Toolkit is a temporary result of a migration to an upgraded platform, not a permanent change. The clarification follows user concerns and occurs against a backdrop of continued growth in M-PESA's micro-transaction volume and enhancements to its business product suite.
Safaricom Fined KES 9.9 Million in Landmark Data Breach Ruling
A Kenyan High Court has fined Safaricom KES 9.9 million for failing to protect customer data in a breach, delivering a landmark ruling under the country's Data Protection Act. The decision coincides with the telco addressing technical issues with its M-PESA payment feature and expanding digital tools for micro-entrepreneurs.
Kenyan Court Freezes Vodacom's Move to Acquire Majority Stake in Safaricom
A Kenyan court has halted Vodacom Group's plan to acquire a majority stake in Safaricom, responding to a legal challenge over regulatory approval. The injunction coincides with a separate court ruling ordering Safaricom to pay damages for a client data breach.
Checker Raises $8 Million to Build Stablecoin Infrastructure for African Banks
Checker, a US fintech startup, has secured $8 million in seed funding to develop stablecoin settlement and liquidity infrastructure for banks and neobanks. The company is expanding into Africa, aiming to address inefficiencies in cross-border payments by integrating dollar-pegged digital assets into regulated financial services.
Safaricom's zero-rated M-Pesa Kadogo transactions surpass 17 billion
Safaricom has recorded 17.1 billion fee-waived transactions under its M-Pesa Kadogo plan, which targets transfers of 100 Kenyan shillings or less. The initiative is designed to boost financial inclusion and user engagement on Africa's largest mobile money platform, which now serves 103 million customers.
Diamond Trust Bank and Mastercard Launch Wearable Payment Devices in Kenya
Diamond Trust Bank Kenya and Mastercard have launched wearable payment rings and bracelets for the Kenyan market. The devices, linked to users' DTB card accounts, aim to provide a new, contactless payment option at Mastercard-enabled terminals.
Sorted Secures $4.4 Million to Build Stablecoin Wallets for Feature Phones
Kenyan fintech Sorted has raised $4.4 million to develop stablecoin wallets for feature phones, targeting users without smartphones. The funding comes amid a flurry of partnerships and investments aimed at expanding stablecoin use for payments and remittances across Africa.