Payaza secures remittance licence in Kenya: A new era for cross-border payments.

For millions of individuals and businesses across Africa, the challenge of sending and receiving money internationally has long been a major obstacle to economic growth. High transaction fees, lengthy processing times, and unreliable services have stifled financial inclusion and business expansion. However, a new chapter in cross-border payments is unfolding as Payaza secures a remittance license in Kenya.

This development marks a significant milestone not only for Payaza but also for Kenya's growing digital payment's ecosystem. With this license, Payaza is positioned to provide faster, more cost-effective, and more accessible international money transfer services. The move aligns with Kenya’s rapidly evolving fintech sector, which has seen an increasing demand for seamless remittance solutions in recent years.

Kenya is a leader in Africa’s digital economy, with a thriving fintech industry and a remittance market that continues to grow annually. According to the Central Bank of Kenya, total remittances to Kenya in 2023 reached $4.19 billion, a figure that highlights the country’s dependence on cross-border money transfers for business operations and personal support.

Despite this growth, international transactions remain cumbersome and costly. Traditional remittance service providers impose high fees, which can range from 5% to 10% per transaction, eating into the funds meant to support families, businesses, and economic development. Moreover, delays in fund transfers—often taking days or even weeks—negatively impact financial planning and emergency cash flow needs.

With the Payaza remittance license, businesses, freelancers, and everyday users can now expect:

Lower transfer costs – Competitive pricing that helps businesses and individuals retain more of their hard-earned money. Instant settlements – Eliminate delays with near-instant cross-border transactions. Multi-currency support – Send and receive funds in multiple currencies, including KES, USD, EURO, and GBP. Seamless integration for businesses – Enterprises can integrate Payaza’s API-driven payment solutions to automate international transactions.

Financial inclusion remains a key priority for Kenya’s Central Bank and the wider African economic landscape. With over 85% of Kenyans using mobile money, the country has embraced digital finance as a primary means of transacting. Payaza’s entry into the remittance market is expected to further digitize the cross-border payments ecosystem, providing an alternative to traditional banking processes that often exclude low-income individuals and small businesses.

Moreover, Payaza’s secure and transparent platform ensures that users have access to real-time transaction tracking, providing much-needed confidence in digital remittances. The added ability to store funds in foreign currency accounts—without immediate conversion—also helps businesses mitigate foreign exchange losses.

Kenya's fintech landscape is one of the most innovative in Africa, with policymakers actively encouraging digital financial solutions. The country’s recent push for regulatory compliance ensures that fintech players like Payaza meet global financial standards, providing users with a safe and reliable alternative to conventional remittance channels.

As more businesses expand across borders, demand for cost-effective, high-speed financial services will continue to grow. Payaza’s presence in the Kenyan market means that individuals, entrepreneurs, and enterprises can now transact globally without friction—fuelling economic growth and empowering users with better financial control.

Payaza’s remittance license in Kenya signals a bold step toward financial innovation. With its commitment to affordable, secure, and efficient money transfer services, the company is set to redefine the remittance experience for Kenyans and the broader East African region.

Whether you are a freelancer receiving international payments, a business handling cross-border transactions, or an individual supporting family abroad, Payaza offers a seamless and cost-effective way to send and receive money globally.

Sign up with Payaza today and experience the next generation of cross-border payment solutions!