Visa Report Unveils Kenya’s Digital Payment Surge—SMEs Leading the Shift

Visa has launched a new report , “Value of Acceptance: Understanding the Digital Payment Landscape in Kenya”. The Executive Summary of the report is as follows:

Kenya is a globally recognized leader in digitization and innovation, driven by the widespread use of mobile solutions alongside increasing adoption of card payments and eCommerce. Within this dynamic landscape, digital payments are rapidly gaining traction, presenting a significant opportunity to further empower small and medium-sized enterprises (SMEs) and drive economic growth.

– Excerpt from the Report’s Executive Summary

This Visa-commissioned study reveals that a significant portion of cashonly SMEs intend to adopt digital payments, demonstrating a growing interest in these solutions. Kenyan SMEs that accept digital payments are already experiencing tangible benefits, including faster transaction processing and reduced cash risk. Looking ahead, a strong majority of digitally enabled SMEs recognize the importance of digital payments for future growth and plan to further invest in payment technologies.

This report explores the evolving digital payments landscape in Kenya, examining the benefits, barriers, and opportunities for growth. It proposes a multi-pronged approach, emphasizing targeted interventions to address merchant and consumer concerns, improve infrastructure, and promote the security of digital payments, especially given the persistent concerns about cash handling among businesses. By leveraging Visa’s expertise and innovative solutions, such as Tap to Phone, while also fostering collaboration between government and the private sector, Kenya can unlock the full potential of digital payments, driving economic growth and fostering a more inclusive financial ecosystem.