By Wanjiku Wanyeki – Chief Client Engagement and Experience Officer, IPSL

In the fast-paced world of digital payments, speed and convenience are not just preferences—they are necessities. As more Kenyans ditch cash and shift to digital payments, understanding what drives their choices is crucial.

Consumer insights and challenges

A recent survey from Pesalink sheds light on these preferences. Speed and convenience emerged as top factors, with over 60% of account-to-account (A2A) payment users emphasising quick and hassle-free transactions. Affordability also plays a crucial role, with 64% of users stating that lower costs influence their choice.

However, many Kenyans still face difficulties transferring money across different platforms due to fragmented systems and high fees.

Market trends and broader analysis

Mobile banking apps and USSD services are increasingly dominating account-to-account transfers. Cash and card payments now account for just 8% of total transactions, signalling a preference for the simplicity and convenience of digital payments.

The survey also reveals a growing trend of multi-banked consumers, with over 57% maintaining accounts with multiple banks or financial service providers. This underscores the need for interoperable solutions that integrate seamlessly across platforms.

Global insights and local adaptation

Kenya’s digital payment growth mirrors global trends seen in India’s UPI and Brazil’s PIX. Both are hard-wired for real-time settlements, interoperability, and cost-effectiveness.  Kenya’s rapidly maturing digital payments ecosystem and unique socio-economic factors make the need for accessible and affordable solutions even more pressing.

2025 is the year financial providers and regulators can leverage the opportunities to enhance real-time payment infrastructure, driving interoperability and reducing transaction costs. Kenya is renowned as the home of mobile money and is geared to be the Savannah Silicon Valley with our vibrant fintech community. This will ensure all Kenyans, regardless of their financial background, can access reliable and affordable payment options.

Shifting consumer behavior: The role of public demand

As consumer behavior shifts, stakeholders—banks, fintechs, and regulators—must adapt. The growing demand for speed, affordability, and convenience is clear. Consumers can – and will – influence the market by supporting solutions that align with their evolving needs.

Kenya has the potential to maintain our lead in digital financial innovation. By addressing consumer pain points and learning from successful global models, the country can create a payment ecosystem that simplifies transactions and transforms lives.

Advocating for policies that support digital financial inclusion is crucial. By voicing these demands, we can help shape an environment that is more inclusive, efficient, and responsive to consumer expectations. This means pushing for lower transaction costs, enhancing interoperability between platforms, and ensuring that digital payments are accessible to all Kenyans, regardless of their socio-economic status.

By doing so, we can build a robust digital economy that benefits everyone and drives the nation forward. 

About Wanjiku Wanyeki

Wanjiku Wanyeki is the Chief Client Engagement & Experience Officer at Pesalink, with over 15 years of experience in the banking and payments sector across Africa. She has held leadership roles at Agora Microfinance Group, Mastercard, and Barclays, and provides consulting services on sales growth and product development. Wanjiku is committed to delivering customer-centric solutions and building lasting business relationships.