PayU LAUNCHES OPERATION IN KENYA
- June 17, 2019
- Posted by: Lead Contributor
- Category: Uncategorized
The Head of Strategy & Business Development, PayU Africa Corrie Bakker said; “Kenya is a powerful and growing market, ideally suited for investment and expansion for high-velocity merchants and with our global, long-standing reputation, and local presence in the Kenyan market, we provide organizations with a doorway into East Africa which builds on the foundations of long-standing relationships and local expertise.”
This operation was approved by the Central Bank of Kenya, thereby cementing its standing and local approval. The launch by the FinTech giant in Kenya will provide organizations with on-the-ground local partnerships, healthy relationships, improved stability and reduced downtime, and localized customer support. Users will be able to transact in volume at the approval rates certified by PayU and are guaranteed robust, ongoing security.
Corrie Bakker in an interview said “Working with us in Kenya not only opens the door to Tanzania, Uganda and Rwanda – countries that have shown real GDP growth – but provides our partners with the first line of local defence with people on the ground.” He further revealed that PayU would provide a new set of credentials and a tokenized anti-fraud offering with a re-occurring option that assures merchants of strong security.
In addition to strong economic growth prospects and a growing middle class, Kenya’s payment market is dominated by mobile transactions. More than 80% of payments take place over mobile wallets with M-PESA remaining the dominant provider of choice, closely followed by card payments, then EFT. PayU provides a single, integrated transaction point that embeds these payment preferences into a central ecosystem, making it accessible and straightforward for merchant and customer alike. To complement the localized offering in Kenya, PayU has formulated a critical partnership with Cellulant to ensure hyper-localization and payment method expansion.
The Cellulant corporation develops and provides a one-stop mobile payments platform for connecting businesses and governments across the continent. Besides, it offers consumer payments, digital and neighbourhood agency banking and remittance solutions. Some of the services provided by Cellulant include Mula, Agrikore, and Tingg.
PayU has acquired Wibmo for US$ 70mn, the USA-based start-up with operations in India offers payment processing services across risk, fraud, authentication, mobile payments and more.
“Each of these acquisitions and investments allows us to future-proof PayU and the services it can offer to merchant and customer alike,” concluded Bakker. “Already, we have surpassed the US$500mn mark for our total fintech investment, making us one of the top five leading global fintech investors in the world.”
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