KBC Channel 1

Tag: Payment

  • Kenya unveils payment gateway to boost tourism earnings

    Kenya unveils payment gateway to boost tourism earnings

    The government has unveiled TouristTap, a digital payment platform, aimed at easing transactions for visitors and boosting revenue collection across Kenya’s tourism ecosystem.

    The new platform which links users debit cards with local payment channels such as mobile money used mostly by Small and Medium Enterprises (SMEs) in the sector is expected to offer seamless transactions and boost earnings.

    Speaking on Wednesday during the launch, Tourism and Wildlife Cabinet Secretary Rebecca Miano said the innovation as a timely solution that will enhance convenience, transparency, and efficiency in the sector.

    “Today, we take an important step towards a more connected, innovative and globally competitive tourism sector,” said Miano.

    TouristTap addresses long-standing payment challenges faced by tourists, particularly in informal settings where card payments are often not accepted.

    “Every touch point of a visitor’s journey, from airport to accommodation, from park entry to local markets will become smoother, more modern and user-friendly,” she added.

    Miano emphasized that tourism remains a key pillar for growth, noting that the sector contributed an estimated Ksh 500 billion to the economy and supported some three million jobs both directly and indirectly last year.

    The platform will enable the government to capture more accurate data on tourist spending, particularly within the informal sector, thereby informing policy and economic planning.

    “This innovation will boost our economy significantly and position Kenya as a modern, tech-driven economy,” said Regina Ombam, Principal Secretary for Trade.

    According to Craft Silicon Chief Executive Officer, Kamal Budhabhatti, the platform allows tourists to use their smartphones to make payments by simply tapping their bank cards which is captured via the app allowing users to pay via mobile money platforms such as M-Pesa or directly to bank accounts.

    “A tourist will download the app on their phone, tap their card on the device, and complete transactions instantly,” said Budhabhatti.

    Lasts year, Kenya recorded 7.9 million visitors out of which international tourists were 2.7 million while domestic tourists were 5.2 million.

  • Kenya urged to build strong payment infrastructure to remain competitive

    Kenya urged to build strong payment infrastructure to remain competitive

    Kenya is being challenged to ensure the availability of a reliable payment infrastructure which will cement the country’s position as a regional business hub.

    Speaking during a roundtable organize by Verto in Nairobi, industry players called for stronger collaboration between regulators, financial institutions, fintechs, and infrastructure providers in order to support innovation while safeguarding the stability of the financial system.

    According to stakeholders, the reliability of Kenya’s payments infrastructure will give the country a competitive advantage backed by continued investment in back-end systems, rather than just consumer-facing products.

    Verto Director of Sales Mark Mwaniki said the next phase of Kenya’s payment infrastructure will be defined by how well it supports businesses operating at scale. This includes the need for faster settlement, greater interoperability, and infrastructure that can support increasingly complex domestic and cross-border transactions.

    “Kenya has proven what is possible when innovation meets strong demand, but the conversation now needs to shift to infrastructure,” said Mwaniki. “Businesses want payments that move as fast as their operations do. That means fewer intermediaries, clearer pricing, and systems that can handle both local and cross-border transactions without friction.”

    It was noted that while consumers have benefited significantly from digital payments, many small and medium-sized enterprises still face challenges when moving money across borders, managing foreign exchange, or reconciling payments across multiple channels.

    These gaps, they argued, increase costs and slow down growth, particularly for companies trading within Africa and beyond.

    The future is not about replacing what already works. It’s about connecting systems in a way that allows money to move efficiently, securely, and transparently, whether it’s within Kenya or across multiple markets,” added Mwaniki.

    The roundtable also explored the importance of collaboration between regulators, financial institutions, fintechs, and infrastructure providers. Speakers agreed that regulatory clarity and open dialogue would be critical in supporting innovation while safeguarding the stability of the financial system.

  • COMESA states unveil new system for payments in local currencies

    COMESA states unveil new system for payments in local currencies

    Traders in the Common Market for Eastern and Southern Africa (COMESA) economic bloc will soon be able to make direct and instant settlements for goods and services following the roll out of a new payment gateway by the member states.

    The Digital Retail Payment Platform (DRPP) whose piloting has commenced on the Zambia-Malawi corridor is expected to enable businesses to make payments in local currencies.

    Speaking during the 24th COMESA Heads of States Summit in Nairobi, President William Ruto who has also been elected Chairman of COMESA Authority backed the system to increase trade especially among smallholder farmers and enterprises.

    “This digital corridor must not end in capital cities. It must extend to every corner of our region connecting the stallholder farmer in a rural village to the bustling urban market. The launch of DRPP will link farmers directly with consumers and markets ensuring fair access and transparency,” said President Ruto.

    DRPP is expected to cut transaction cost and time by bypass intermediaries who contribute to high transaction costs especially for small and medium enterprises.

    “The DRPP is an Instant, Inclusive cross-border payment system designed with affordability at its core, ensuring transaction costs remain below 3pc of the transaction value,” said Lee Kinyanjui, Cabinet Secretary for Investments, Trade and Industry.

    The new payment system which was announced during the summit has been developed riding on success of the existing Regional Payment and Settlement System (REPSS) which provides institutions, enterprises and individuals with seamless fund transfers across the states with end-of day settlement in hard currencies, through the Bank of Mauritius as the Settlement Bank.

    DRPP is expected to facilitate intra-COMESA trade by enhancing cross-border trade through settlements in local currencies a move which is further backed to protect enterprises from currency related shocks.

    “By starting with the Malawi–Zambia corridor, we are demonstrating how traders can exchange value seamlessly without relying on scarce foreign currency. This reduces costs, shields businesses from currency volatility, and most importantly, opens the door for SMEs, women, and youth to participate more fully in regional trade, reaping the tangible benefits of integration,” added Lee.

    Developed under COMESA Clearing House (CCH), which is a specialized financial institution which targets to strengthen financial cooperation and regional integration, DRPP will also boasts of interoperability feature which allows integration with banks, mobile money operators, financial technology firms and digital financial service providers.

    After the pilot phase, DRPP is expected to be rolled out to all 21 member states in coming months.

  • KCB and Airtel Money ink merchant payments deal

    KCB and Airtel Money ink merchant payments deal

    KCB merchants can now received payments directly to their accounts for goods and services from Airtel Money users in an interoperability deal brokered by the two firms.

    Under the deal, Airtel Money users will be able to make payments to KCB merchants’ till through the Lipa Na KCB services which the two firms say is secure, fast, efficient and will enhance financial inclusion.

    According KCB Bank Kenya Managing Director Annastacia Kimtai the deal is part of the bank’s promise anchored on creating an efficient payments ecosystem that will be instrumental in accelerating financial inclusion through a new model centered on low-value, high volume transactions.

    “Reaching critical mass will require mobile money ecosystems to become more dynamic and productive and such a move will enable us scale our offering while giving customers the freedom to empower themselves,” said Kimtai.

    Airtel Money Managing Director Mrs. Anne Kinuthia-Otieno attributed the partnership to the evolution of mobile money interoperability, which now provides customers with limitless choices for conducting their mobile transfers and payment transactions.

    “This collaboration underscores Airtel Money’s ongoing commitment to improving customer experience and promoting financial inclusion through innovative partnerships. With the integration of Lipa na KCB into Airtel Money’s ecosystem, customers now have greater flexibility and convenience in paying for goods and services,” she added.

    Airtel Money customers are expected to enjoy lower transaction charges as compared to current market rates and through interoperability, customers will access seamless payment solutions without the hassle of transferring money to other networks.

  • Onafriq partners with VGS to strengthen payment security

    Onafriq partners with VGS to strengthen payment security

    Africa’s largest payment gateway Onafriq has signed an agreement with American firm, VGS in a move expected to bolster security of its virtual cards in Africa and Middle East.

    Under the deal, Onafriq and its fintech clientele will operate with enhanced security while delivering superior financial services to their customers.

    As part of the agreement, Onafriq is set to implement VGS’s card reveal capability for its new “Credential Show” feature, which will apply to virtual cards and other card issuance features specifically tailored to fintech providers in the two regions.

    “At Onafriq, we are committed to delivering cutting-edge solutions that meet the evolving needs of our partners. By leveraging VGS’s best-in-class technology and combining it with Onafriq’s unique expertise around payment interoperability, we are confident that we can drive meaningful impact and shape the future of fintech across Africa and the Middle East,” said Rajat Mishra, Onafriq Chief Operations Officer.

    Onafriq and VGS will jointly and securely collect and store Primary Account Number (PAN) data and display a complete card number, expiration date, and CVV to end-users upon their request.

    The process insulates Onafriq’s fintech clients from coming under compliance scope while offering user self-serve options and reducing customer service needs.

    “We are thrilled to deepen our partnership with Onafriq and embark on this journey of innovation and collaboration. Together, we are poised to unlock new security and payments innovation possibilities for fintechs based in Africa and the Middle East, ultimately empowering businesses and consumers alike,” added Chuck Yu, VGS Chief Executive Officer.

  • I&M extend card deal with Mastercard

    I&M extend card deal with Mastercard

    I&M Bank has announced the extension of its debit and credit cards partnership with global payments service firm, Mastercard.

    The five eight year deal is expected to continue offering I&M Bank individual and businesses  clients a seamless and secure payment solutions globally.

    “By extending this alliance, I&M Bank has demonstrated its commitment to delivering tailor-made, digital solutions that cater to the distinct needs of our valued customers,” said Gul Khan, I&M Bank Chief Executive Officer.

    The partnership will offer cardholders Platinum Debit, World Elite Debit, World Debit, Multicurrency Prepaid Cards, and Credit Cards.

    According to Mastercard, the cards provide customers with a diverse array of travel benefits, privileges, and experiences.

    “This strategic alliance has enabled us to make significant progress in advancing digital payments and financial inclusion in Kenya. Together we will continue to empower individuals and businesses with secure and convenient payment solutions that will help them reach their potential” added Mark Elliott, President, Africa at Mastercard.

    Mastercard says the cards which are boasts of new technology, such as contactless payment helps facilitate a swift and secure checkout experience, empowering consumers to select their preferred payment method.