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Payments Landscape in Kenya: Opportunities and Risks to 2022

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Details

Payments Landscape in Kenya: Opportunities and Risks to 2022

Summary

GlobalData's "Payments Landscape in Kenya: Opportunities and Risks to 2022", report provides detailed analysis of market trends in the Kenya's cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, and cheques during the review-period (2014-18e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2018e-22f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData's research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

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 the 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.

- E-commerce market analysis.

- Analysis of various market drivers and regulations governing the Kenya's cards and payments industry.

- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.

Scope

- To introduce an instant payment system and foster the use of electronic payments in the country, Kenya Bankers Association (KBA) launched PesaLink in February 2017, a real-time interbank money transfer system. This service enables individuals to transfer a minimum of KES10 (USD 0.10) and a maximum of KES999,999 (USD 9,814.97) instantly, 24 hours a day, seven days a week, 365 days a year. No charges are applicable for transactions up to KES500 (USD 4.91), after which a charge between KES10-KES12 (USD 0.10-0.12) is levied on every transaction. Transfers can be initiated via multiple channels, including mobile banking, internet banking, branch front offices and ATMs. The service is currently offered by all of the country's major banks. Until October 2018, transactions worth KES87bn (USD 853.90m) were executed on PesaLink.

- To curb cash transactions and money laundering, the CBK issued stringent cash regulations in June 2018. The regulation mandated that all Kenyan individuals must provide a prior three day notice if they deposit or withdraw more than KES10m (USD 98,149.77) from a bank account. All transactions between KES1m (USD 9,814.98) and KES10m have to be approved by branch manager, while all transactions between KES10m and KES20m (USD 196,299.53) require regional branch manager approvals. In addition, individuals must also reveal the details of the transaction, including the source of the funds, recipient/payee credentials and the purpose of the transaction; they also have to state the reason for not using another electronic transfer option. This move is aimed at enhancing the traceability of bank transactions while boosting electronic payments in the country.

- In compliance with CBK guidelines, banks in Kenya have reduced interest rates on loans. For instance, Equity Bank has lowered the interest rate charged on loans to a maximum of 13% annually, with effect from August 1, 2018-a similar move to that taken by CBK a few days before. The new interest rates are applicable to new and existing loans, as well as credit cards. Such initiatives are likely to spur demand for consumer credit, thereby driving credit card market growth.

Reasons to buy

- Make strategic business decisions, using top-level historic and forecast market data, related to the Kenya's cards and payments industry and each market within it.

- Understand the key market trends and growth opportunities in the Kenya's cards and payments industry.

- Assess the competitive dynamics in the Kenya's cards and payments industry.

- Gain insights into marketing strategies used for various card types in Kenya.

- Gain insights into key regulations governing the Kenya's cards and payments industry.

READ MORE

Table Of Content

Scope

Table of Contents

Market Overview

Executive Summary

Card-based Payments

E-commerce Payments

Alternative Payments

Payment Innovations

Payments Infrastructure & Regulation

Appendix

Licence Rights

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Section Purchase

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Products and Companies


Companies

Equity Bank

Co-operative Bank

KCB

National Bank of Kenya

Diamond Trust Bank

Barclays

Standard Bank

Visa

Mastercard

Company Profile

Company Profile Title

Payments Landscape in Kenya: Opportunities and Risks to 2022

Summary

GlobalData's "Payments Landscape in Kenya: Opportunities and Risks to 2022", report provides detailed analysis of market trends in the Kenya's cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, and cheques during the review-period (2014-18e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2018e-22f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData's research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

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 the 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.

- E-commerce market analysis.

- Analysis of various market drivers and regulations governing the Kenya's cards and payments industry.

- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.

Scope

- To introduce an instant payment system and foster the use of electronic payments in the country, Kenya Bankers Association (KBA) launched PesaLink in February 2017, a real-time interbank money transfer system. This service enables individuals to transfer a minimum of KES10 (USD 0.10) and a maximum of KES999,999 (USD 9,814.97) instantly, 24 hours a day, seven days a week, 365 days a year. No charges are applicable for transactions up to KES500 (USD 4.91), after which a charge between KES10-KES12 (USD 0.10-0.12) is levied on every transaction. Transfers can be initiated via multiple channels, including mobile banking, internet banking, branch front offices and ATMs. The service is currently offered by all of the country's major banks. Until October 2018, transactions worth KES87bn (USD 853.90m) were executed on PesaLink.

- To curb cash transactions and money laundering, the CBK issued stringent cash regulations in June 2018. The regulation mandated that all Kenyan individuals must provide a prior three day notice if they deposit or withdraw more than KES10m (USD 98,149.77) from a bank account. All transactions between KES1m (USD 9,814.98) and KES10m have to be approved by branch manager, while all transactions between KES10m and KES20m (USD 196,299.53) require regional branch manager approvals. In addition, individuals must also reveal the details of the transaction, including the source of the funds, recipient/payee credentials and the purpose of the transaction; they also have to state the reason for not using another electronic transfer option. This move is aimed at enhancing the traceability of bank transactions while boosting electronic payments in the country.

- In compliance with CBK guidelines, banks in Kenya have reduced interest rates on loans. For instance, Equity Bank has lowered the interest rate charged on loans to a maximum of 13% annually, with effect from August 1, 2018-a similar move to that taken by CBK a few days before. The new interest rates are applicable to new and existing loans, as well as credit cards. Such initiatives are likely to spur demand for consumer credit, thereby driving credit card market growth.

Reasons to buy

- Make strategic business decisions, using top-level historic and forecast market data, related to the Kenya's cards and payments industry and each market within it.

- Understand the key market trends and growth opportunities in the Kenya's cards and payments industry.

- Assess the competitive dynamics in the Kenya's cards and payments industry.

- Gain insights into marketing strategies used for various card types in Kenya.

- Gain insights into key regulations governing the Kenya's cards and payments industry.

READ MORE

Scope

Table of Contents

Market Overview

Executive Summary

Card-based Payments

E-commerce Payments

Alternative Payments

Payment Innovations

Payments Infrastructure & Regulation

Appendix

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

To know more information on Purchase by Section, please send a mail to support@kenresearch.com

INQUIRE FOR COVID-19 IMPACT ANALYSIS


Companies

Equity Bank

Co-operative Bank

KCB

National Bank of Kenya

Diamond Trust Bank

Barclays

Standard Bank

Visa

Mastercard