What are the 5 Preferred Payment Methods in Kenya?

Get to know the five most popular payment methods in Kenya: a country where alternative payment options, especially mobile payments, dominate.

João Paulo Notini
August 09, 2023
4 min read
kenya main payment methods

Kenya has experienced a remarkable transformation in its payment landscape over the past few years. Though grammatically unconventional, the term ‘payment Kenya‘ is commonly used to refer to the ways people conduct transactions in this vibrant country. 

In this blog post, we will explore Kenya’s five most important payment methods and provide some insightful information for companies willing to sell there. Get ready to delve into the world of payment in Kenya and explore the innovative ways money moves in this dynamic market.

Share of payments in Kenya

Businesses and individuals in Kenya can access various payment options, from the more traditional ones, such as cards and bank transfers, to alternative payment methods (APMs). Yet, APMs are the preferred ones in this market. 

The chart below shows how powerful Kenya’s mobile payment system is. Almost half of all transactions were made through mobile payments in 2022, followed by cash payments and cards.

Share of Payment Methods in Kenya

Share of Payment Methods in Kenya

Source: Cellulant, 2022

The five most popular payment methods in Kenya

Now that you know that APMs are the leading payment methods in Kenya, let’s have a look at the most popular available options there:

1. M-Pesa

Type: Mobile Money

Undoubtedly the most popular payment method in Kenya, M-Pesa revolutionized the financial landscape when it was launched in 2007. It allows users to store money in a digital wallet, transfer funds, pay bills, and even access microloans conveniently using their smartphones. According to its operator, Safaricon, it has over 30 million users in the country.

2. Paypal

Type: Digital Wallet

PayPal’s global accessibility and support for multiple currencies make seamless cross-border payments in Kenya crucial. The integration with M-PESA allows users to transfer funds between accounts, promoting financial inclusivity and convenient online transactions.

3. Airtel Money

Type: Mobile Money

Airtel Kenya offers mobile payments through Airtel Money, enabling convenient financial transactions via mobile phones. By the end of 2022, this payment service had more than 17 million subscribers, which makes it a key payment player in the country.

4. Skrill

Type: Digital Wallet

Skrill is a top global payment platform and has also gained popularity in Kenya. It offers an excellent payment method option for Kenyan users with transcription accounts. Notably, Skrill allows users to receive money in any currency and quickly transfer it to their M-PESA accounts, making it a convenient and versatile choice for online transactions in the country.

5. Pesapal

Type: Digital & Mobile Payments Platform

Pesapal enables users in Kenya to make payments through their mobile devices using various mobile money services, such as M-PESA, Airtel Money, and others. PesaPal is an intermediary between customers and merchants, facilitating secure and convenient mobile payments for a wide range of goods and services.

Accepting mobile payments in Kenya and other African countries

Kenya has seen a remarkable transformation, with mobile payments at the forefront of this revolution. As seen in this article, M-Pesa is the most popular payment method, followed by Paypal, Airtel, and other alternative payment methods.

The rise of mobile money has been especially significant in the whole African continent – the world’s most prominent mobile money market. According to the World Bank, sub-Saharan Africa has over half of the world’s mobile money accounts, with over 400 million registered users. 

Furthermore, by 2025, at least 70% of all online transactions will be made with alternative payment methods, according to EBANX’s Beyond Borders study. So, how can global brands willing to sell cross-border in Kenya, and other African countries, offer the right payment options?

The first step is having a reliable and top-performing payments partner, such as EBANX, that knows the market. EBANX’s payment solutions for Kenya support MPesa, Airtel, and other key payment methods while it makes your cross-border payments easy

Our payment methods may vary from country to country since we strive to offer you the best payment options for each market we cover. 

Are you looking to ignite your growth in the Kenyan market?

[Discover EBANX solutions for Kenya]

João Paulo Notini
João Paulo Notini
Senior Content Marketing | Cross-Border operations at EBANX

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