Targets to onboard 15,000 merchants, reach 500,000 mobile app downloads by the end of the year. PAYMENTS platform – PayKit now targets to onboard at least 15,000 merchants and reach 500,000 mobile app downloads by the end of the year, even as it eyes regional expansion.
This is after a successful entry into the Kenyan market last week, with a focus on helping businesses manage complex, high-volume transactions more efficiently. Built to support micro, small and medium-sized enterprises (MSMEs) and digital platforms, PayKit is positioning itself as the infrastructure layer for businesses that need to move money at scale.
It also targets corporates, marketplaces, Saccos, financial institutions, developers and individual users. Development began in 2023 and over the past three years, the company has continuously refined its technology in response to market demand, management said.
During this period, the company focused on setting up its operations and securing the necessary regulatory approvals to operate in Kenya. This evolution took place against the backdrop of Kenya’s position as a global leader in digital payments, where mobile money penetration now exceeds 98 per cent of the adult population, with more than 51 million active accounts, according to the Communications Authority of Kenya.
Annual transaction volumes surpass Sh8.6 trillion. However, even with this scale and sophistication, a persistent gap exists for businesses managing complex flows of money. Kenya’s digital payments ecosystem continues to expand rapidly, mirroring a continental trend where Africa’s digital payments market is projected to reach approximately $1.5 trillion (about Sh193 trillion) by 2030.
This will be driven by rising mobile adoption, e-commerce growth and deepening financial inclusion. Despite this progress, most payment service providers in Kenya and the wider African continent still focus primarily on consumer-facing wallets or basic collections solutions.