PAYMENTS platform–PayKit now targets to onboard at least 15,000 merchants and reach 500,000 mobile app downloads by the end of the year, even as it eyes regional expansion.
This is after a successful entry into the Kenyan market last week, with a focus on helping businesses manage complex, high-volume transactions more efficiently.
Built to support micro, small and medium-sized enterprises (MSMEs) and digital platforms, PayKit is positioning itself as the infrastructure layer for businesses that need to move money at scale.
It also targets corporates, marketplaces, Saccos, financial institutions, developers and individual users.
Development began in 2023 and over the past three years, the company has continuously refined its technology in response to market demand, management said.
During this period, the company focused on setting up its operations and securing the necessary regulatory approvals to operate in Kenya.
This evolution took place against the backdrop of Kenya’s position as a global leader in digital payments, where mobile money penetration now exceeds 98 per cent of the adult population, with more than 51 million active accounts, according to the Communications Authority of Kenya.
Annual transaction volumes surpass Sh8.6 trillion. However, even with this scale and sophistication, a persistent gap exists for businesses managing complex flows of money.
Kenya’s digital payments ecosystem continues to expand rapidly, mirroring a continental trend where Africa’s digital payments market is projected to reach approximately $1.5 trillion (about Sh193 trillion) by 2030.
This will be driven by rising mobile adoption, e-commerce growth and deepening financial inclusion.
Despite this progress, most payment service providers in Kenya and the wider African continent still focus primarily on consumer-facing wallets or basic collections solutions.
This leaves many businesses, especially SMEs, without the infrastructure required to manage more complex financial operations.
This is especially important because Kenya has approximately 7.4 million MSMEs, which constitute about 98 per cent of all business entities in the country, as per data from the Kenya National Bureau of Statistics.
These enterprises are vital to the economy, contributing roughly 30 – 40 percent to the GDP and employing over 14.9 million people.
“Digital payments in Kenya have largely solved access. The next challenge is scale and efficiency because businesses today need need to send, reconcile, settle and manage funds across multiple channels and currencies in real time, in addition to receiving payments,” PayKit’s CEO Beatrice Okeyo said.
PayKit responds to the challenge by enabling high-volume disbursements, allowing businesses to pay suppliers and employees quickly and reliably. It also supports faster settlement, helping companies improve cash flow.
Regulated by the Central Bank of Kenya, the platform offers multi-currency capabilities, which are becoming increasingly important as Kenyan businesses expand across borders.
The growth of regional trade, alongside the emergence of new payment corridors, now requires businesses to work with systems that can handle cross-border transactions seamlessly.
Another key feature of the platform is intelligent reconciliation, which saves businesses from manual processes in matching payments with transactions, processes that often create inefficiencies and errors.
It automates reconciliation, giving companies better visibility and control over their financial operations.
In the past 2.5 months, PayKit has conducted a pilot phase, processing approximately Sh30 million in transaction value, demonstrating early traction and validation of its platform.
“There is a clear need for more advanced payment infrastructure because many businesses in Kenya, and indeed most of Africa, continue to face challenges such as limited interoperability and high operational overheads,” Okeyo said.
In many sectors, cash and manual processes still play a significant role, highlighting the gap between access to digital payments and the ability to use them efficiently at scale.
“This is the gap that PayKit sufficiently bridges,” she noted.
Looking ahead, PayKit has set ambitious growth targets, aiming to process between 50 million and 60 million transactions across its merchant portal and mobile application by the end of the year.
The company also plans to onboard approximately 15,000 merchants within the same period, while targeting 500,000 mobile app downloads as it scales adoption.
Its focus comes at a time when Kenya’s payments ecosystem is maturing.
Having gained traction during its pilot, the company’s next phase of growth is envisioned to make it a trusted partner for businesses in Kenya and across Africa.
Beyond Kenya, PayKit is already evaluating regional expansion opportunities within the next 18 to 24 months, with Rwanda identified as a priority market.
This is due to its enabling regulatory environment, which allows payment service providers to operate more seamlessly without the need to register afresh in the country.
The platform supports a wide range of use cases, including wallet-based payments, transfers, bill payments (Lipa Bidhaa), standing orders, and airtime purchases.
It also offers crowdfunding tools, enabling individuals and organisations to raise and manage funds efficiently within the platform.
For developers and enterprises, PayKit provides API-driven infrastructure that seamlessly integrates payments, wallet management, settlement, and reporting into existing systems.
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