Boston, MA -- (SBWire) -- 06/11/2013 --Kenya is the testing ground for a revolution that could help extend financial inclusion to some of the poorest and most remote places in the world. Its m-payments channel is considered to be in the same league as Korea and Japan. Over KES318 billion (US$3.9 billion) worth of m-payments were made in 2011, equivalent to 12% of the country's GDP. With plans to form a currency bloc between Uganda, Tanzania, Burundi and Rwanda by 2012, Kenya could be the launch pad for a boom in electronic payments across east Africa. As mobile phone use rises, banks and governments in economies with less-developed payment infrastructures may be able to bypass investment in areas such as bank branches and ATMs. Instead, they can concentrate on tailoring their systems to benefit from the ever-increasing popularity of mobile phones as payment devices. Mobile is not the only part of the Kenyan payments system which is undergoing a period of growth; debit is also becoming an essential transaction platform. Despite the popularity of m-payments, debit remains the most popular payment option in terms of transaction volume.
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Key Highlights
- Debit cards recorded a remarkable CAGR growth of 56.52% during the review period (2008-2012)
- The nation's credit card category is relatively limited. Central Bank of Kenya (CBK) figures show there were 137,000 credit cards in circulation in total in 2012. Credit card spending registered a CAGR of 26.46% during the review period
- Over KES318 billion (US$3.9 billion) worth of m-payments were made in 2011, equivalent to 12% of the country's GDP. With plans to form a currency bloc between Uganda, Tanzania, Burundi and Rwanda by 2012, Kenya could be the launch pad for a boom in electronic payments across east Africa
- The volume of internet users more than doubled in 2012, from 3 million in 2011 to 7.5 million in 2012. Government investment in fiber-optic cables is expected to increase the number of users, which will have a positive impact on internet banking
Scope
- This report provides a comprehensive analysis of Kenya's cards and payments market
- It provides current values for Kenya's cards and payments market for 2012 and forecast figures for 2017
- It details the different macroeconomic, infrastructural, consumer and business drivers affecting Kenya's cards and payments industry
- It outlines the current regulatory framework in the industry
- It details the marketing strategies used by various bankers and other institutions.
- It profiles the major banks in Kenya's cards and payments market
Reasons to Get This Report
- Make strategic business decisions using historic and forecast market data related to Kenya's cards and payments market and each market within it
- Understand the key market trends and growth opportunities within Kenya's cards and payments market
Companies Mentioned in this Report: Kenya Commercial Bank, Barclays Bank of Kenya Limited, Standard Chartered Bank Ltd,
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"Emerging Opportunities in Kenya's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape" Published
New Financial Services market report from Timetric: "Emerging Opportunities in Kenya's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape"