GDP per capita of USD 2,200 in 2021 is expected to grow to USD 2,770 in 2026
Kenya was one of the leaders digitizing payments in Africa with mPesa.
GDP of USD 109 billion in 2021 expected to grow to USD 154 billion in 2026
Population of 50 million and a YoY growth rate of 2.3%
Kenyans are used to shopping for goods and services online. Kenya is as interesting as Morocco for E-commerce merchants despite ranking lower in terms of GDP. Urbanization rate of 28% forces/encourages Kenyans to use the internet extensively to purchase goods and services online
11 Million Active social media users (+25% YoY)
22 Million internet users (+6.4% YoY)
16 Million have purchased goods online
1.1 USD Million online consumer goods sales in 2020 (+65.8 YoY)
MPesa in Kenya developed one of the first Mobile Money wallets in Africa and
made financial products available for the unbanked population.
Anyone selling goods in Kenya must offer MPesa as a payment method to its consumers.
Cross-border merchants who want to tap into the wider opportunity in the market need to offer its consumers all locally relevant payment methods.
Cross Switch enables any cross-border merchant to offer all locally available payment methods to its customers
International branded Credit and Debit Cards – Visa, Mastercard
Mobile Money – MPesa, Airtel
How Cross Switch Can Help
Merchants can increase its revenues, depending on the product category up to 150% via
- Higher conversion rates of credit and debit card processing
- Additional local payment methods such as MPesa
- Cross Switch handles the local tax reporting including settlement without the merchant being registered in Kenya
- Cross Switch manages all local fx conversion approvals and repatriates sales proceeds to the merchant bank account outside of Kenya in any currency