Payless, a leading fintech company in Kenya, announced its innovative Bank-to-Payless transfer system on November 25, 2024. This new feature is designed to streamline transferring funds directly from bank accounts to Payless wallets, catering to the increasing demand for efficient digital payment solutions in the country.
With a daily transaction cap of Ksh 500,000 (approximately $32,668.29) and a limit of Ksh 250,000 (approximately $16,334.14) per individual transaction, this system aims to provide users greater flexibility and convenience in managing their finances.
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The introduction of this service comes at a time when Kenya is experiencing rapid growth in digital finance, driven by a tech-savvy population and the increasing adoption of mobile money services.
Payless’s initiative enhances user experience and positions the company as a key player in the fintech landscape, responding to the evolving needs of consumers who seek seamless and secure ways to conduct transactions. By eliminating intermediaries typically involved in mobile money services, Payless is set to revolutionise how Kenyans engage with their finances, making sending and receiving money more accessible than ever.
Enhancing financial accessibility
The Bank-to-Payless feature aims to simplify digital transactions by providing a direct link between users’ bank accounts and their Payless wallets. This innovation is particularly significant for young adults and entrepreneurs who rely heavily on digital payments for their daily transactions.
Kevin Mulei, CEO of Payless, stated, “This feature is a game-changer that our customers have been yearning for since our launch.” By partnering with central banks across Kenya, Payless enhances accessibility for users, mainly targeting the youth demographic increasingly engaged in online commerce and cashless transactions.
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A step towards financial inclusion
This launch addresses the growing demand for higher transaction limits and greater flexibility in digital payments.
Derrick Gakuu, Chief of Operations at Payless, emphasised the importance of this feature for young users: “Now our #GenZ and #GenFree customers can load directly from banks or request payments to be made into their Payless wallets.” This capability facilitates personal transactions and supports small businesses that depend on quick and efficient payment solutions.
As Payless continues to innovate and expand its offerings, it positions itself as a leader in Kenya’s fintech landscape. The Bank-to-Payless transfer system is expected to promote financial inclusion by giving more people access to digital financial services.
By making transactions more manageable and more accessible, Payless is helping to redefine financial services across Africa, paving the way for a more inclusive economy where everyone can participate in the digital financial ecosystem.