Kenya Cards and Payments: Opportunities and Risks to 2028

The ‘Kenya Cards and Payments: Opportunities and Risks to 2028' report provides top-level market analysis, information and insights into the Kenyan cards and payments industry, including :

• Current and forecast values for each market in the Kenyan cards and payments industry, including debit and credit cards.
• Detailed insights into payment instruments including cash, card and cheques. It also, includes an overview of the country's key alternative payment instruments.
• Ecommerce market analysis.
• Analysis of various market drivers and regulations governing the Kenyan cards and payments industry.
• Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• The competitive landscape of the Kenyan cards and payments industry.

The analyst's ‘Kenya Cards and Payments: Opportunities and Risks to 2028' report provides detailed analysis of market trends in the Kenyan 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 (2020-24e).

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 (2024e-24f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together the analyst’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.

Key Highlights

• To boost non-cash payments, in May 2023 the CBK partnered with payment services providers, banks, and card schemes to launch the Kenya Quick Response Code Standard 2023. The standard guides how payment services providers and banks issue QR codes for consumers and businesses to make digital payments. The standardized QR code increases interoperability of digital payments across various institutions and mobile money networks. The launch of the QR code standard brings Kenya in line with markets such as the Philippines, Singapore, Bahrain, Saudi Arabia, India, and China, which have all implemented domestic QR code standards. QR codes are gaining popularity in Kenya as an easy, fast, convenient, and secure payment method.
• Mobile money service providers are also launching payment cards. In December 2023, M-PESA partnered with Visa to issue physical debit cards to its customers across the eight countries where M-PESA is available. Previously, M-PESA partnered with Visa in 2022 to launch the M-PESA GlobalPay Visa virtual card. This virtual card-which functions similarly to a debit card-is linked with the user’s M-PESA wallet, allowing consumers to make secure online payments.
• To promote ecommerce, the government (along with various ministries) launched the National E-commerce Strategy in December 2023. This strategy outlines six goals for the development of ecommerce: strengthening laws and regulations; providing universal ICT access; improving trade facilitation and logistics; providing low-cost, reliable, and secure payment services; improving the necessary skills for ecommerce; and enhancing access to finance for all businesses.

Scope

• Card market size in terms of number of cards, value and volume of transactions in Kenya along with detailed card segmentation of debit and credit and charge cards available in the country.
• Market sizing and analysis of major payment instruments including cash, card, and cheques.
• Payment market trends and growth for both historical and forecast period
• Competitor analysis with detailed insights into leading card issuers and schemes.
• Comprehensive analysis of consumer attitudes and buying preferences for cards.
• A detailed snapshot of country's key alternative payment brands.

Reasons to Buy

• Make strategic business decisions, using top-level historic and forecast market data, related to the Kenyan cards and payments industry and each market within it.
• Understand the key market trends and growth opportunities in the Kenyan cards and payments industry.
• Assess the competitive dynamics in the Kenyan cards and payments industry.
• Gain insights into marketing strategies used for various card types in Kenya.
• Gain insights into key regulations governing the Kenyan cards and payments industry.