Best eWallets in Kenya

Transformation in Financial Services of Kenya in the 21st Century

While the technology of eWallets, which nowadays is a fixated feature in most smartphones isn’t new but dates back to more than a decade earlier when the story in Kenya began in 2007. Kenya is one of the emerging Fintech hubs of South Africa and also the earliest adapter of mobile technology.

The major reason behind this mass adaption of eWallets in Kenya and its use case was workers who were working in the city and had to send money to their belongings in the village. It has been reported that almost 2.8 trillion Kenyan Shillings were transacted through this mobile wallet platform in 2015, which equals almost 44% of the total GDP of the country for the same year.

Online Payment Platforms in Kenya

Some of these online payment solutions that are widely used in Kenya nowadays are:

• Skrill: It is one of the best online payment platforms used in e-commerce. It lies among the list of top ten payment platforms used in Kenya. Just like PayPal, Skrill also allows the transfer of money from the Skrill account M-Pesa account.
• Neteller: It is one of the most extensively used electronic wallets in the world, offering a diverse range of benefits to its clients.
• MuchBetter: It is an innovative and Nobel prize electronic wallet. Our sector e-wallet allows the device to retain, transfer, and transfer the money.

Other online payment options include,

• PayPal: It is the simplest online payment solution that is used worldwide in more than 230 countries and also supports almost 25 currencies. In Kenya, the users can also shift their deposited funds from Paypal to M-Pesa wallet and vice versa. As of 2020, It is ranked as one of the leading online payment solutions in Kenya.
• Pesapal: It is beyond the best payment methods implemented in various African countries along with Kenya. It is a far better and more secure platform for the sender and receiver of money.
• DPO: DPO stands for Direct Pay Online. This E-wallet solution for online payment is also common all over Africa. This solution supports businesses by facilitating them with all-currencies and all-payment solutions. The users of this payment solution can make payments with their choice of currency and besides this, it can also be added to debit and credit cards.
• iPay: This is among the top Online payment solutions in Kenya used today, this is supported by Visa Card, Master Card, Equity, Airtel, and Equitel. Through an e-lipa wallet, it is possible to make local as well as international transactions.

Other than this, there are many other platforms as well such as PayU, Dusu Pay, Rave, etc. that have penetrated their existence in the market.

First-ever Digital Wallet in Kenya

M-Pesa is the very first and one of the highly successful mobile banking solutions for payments, money transfers, and other transactions. It was initially launched in Kenya in the earliest of 2007 and since then, the platform has gained so much popularity that almost 16 million people in Kenya which accounts for two-thirds of the adult population have registered to avail of this service.

Through this service, a user can easily make transactions through their mobile phones without having to carry around the cash all over from one place to another and without even having to remember the details of their banking account each time they intend to make a transaction. With this revolution, there are many other online payment solutions that have also been introduced besides M-Pesa.

Changes in Kenyan’s Prospects

Currently, almost 66% of sub-Saharan citizens of Africa have shifted towards no-traditional bank accounts and the most important element that fills this puzzle is the mobile money platforms/eWallets, particularly after the regulations against the mobile operators and the payment providers in Kenya have been erased by the Kenyan Government.

Since the launch of M-Pesa, a significant portion of Forex Trading brokers in Kenya have adapted M-Pesa payment technology in their operations. Even though, it hasn’t yet penetrated the whole market yet this innovative digital technology has played an important role in making Kenya a leader in the domain of financial innovation in Africa.