Payless unveils direct bank cash transfer, bypassing mobile money

Payless, a fintech in Kenya, has unveiled its bank-to-Payless feature. This functionality allows customers to transfer up to Sh250,000 per transaction and up to Sh500,000 daily directly from their bank accounts to their Payless wallets, bypassing traditional mobile money rails.

The announcement, made during Payless’ DemoDay 2024 on November 25, is part of the company's mission to create apan-African payments and financial services superapp, the company said.

The company said the launch was a direct response to consumer demand, addressing a pain point for many users seeking seamless and cost-effective ways to fund their digital wallets.

By leveraging existing payment rails and partnering with three leading banks, Payless has removed the friction associated with intermediaries, it said.

“This feature is a game-changer that our customers have been yearning for since our launch,” said Kevin Mulei CEO of Payless. “With this capability, we’re enabling our users to ‘load and cruise,’ breaking free from traditional mobile money constraints. It's a testament to our commitment to making financial services accessible, affordable, and fun.”

Kenya, widely regarded as the cradle of mobile money innovation, has seen over 65 per cent of its money in circulation digitised. However, banks remain the backbone of financial ecosystems, originating significant cash flows through loans, investments, salaries, and B2B settlements.

Derrick Gakuu, Chief of Operations at Payless, said: “Now our #GenZ and #GenFree customers can load directly from banks or request payments to be made into their Payless wallets—including salaries and wages. This takes us closer to redefining what a superapp can achieve, breaking barriers and accelerating financial inclusion for the youth across Kenya and Africa.”

With more than 500,000 users, Payless is one of Kenya's fastest-growing fintech platforms. By introducing features that simplify financial transactions and enhance user experience, the company said it continues to position itself as a leader in the Silicon Savannah and a model for digital innovation across Africa.

The Bank-to-Payless feature represents a cornerstone in Payless’ strategy to deliver impactful, user-centric solutions. The company has also hinted at “disruptive, innovative features” planned for 2025, further solidifying its role as a trailblazer in the fintech space.

The companysaid it is on a mission to empower the #GenFree generation, creating a frictionless ecosystem that integrates payments, savings, and financial tools into a single app.

 “The company’s unique value proposition resonates with Kenya’s vibrant youth demographic, promising a future where financial services are inclusive, intuitive, and inspired by the energy of Africa’s digital-savvy population,” it said in a statement.