e-Commerce and Payments in Kenya
A vibrant country where alternative payment methods dominate.
Kenya has seen a tremendous transition, with mobile payments leading the way. The phrase "payment Kenya" is frequently used to describe the manner in which Kenyans do transactions, though grammatically unconventional.
Market Overview
-
Population
55.1 million
-
Online Population
17.9 million
-
Currency
KES
-
e-Commerce Market Value
$2.8 billion
-
GDP
$119.6 billion
-
GDP per Capita
$2,269
Available Local Payment Method
M-Pesa
Type
e-Wallet
Regions
Africa
Key Takeaways
- 53.7% of the average consumer spending in Kenya is in the category of food and non-alcoholic drinks. Toys and hobbies, furniture and appliances, food and personal care, electronics, and media, as well as fashion, accounted for the majority of e-commerce revenues.
- Jumia.co.ke received 4.49 million hits in July 2022, making it the most visited e-commerce site in Kenya.
- Over 1.2 billion mobile money transactions totaled more than $23 billion in July 2022, just that one month’s worth of transactions.
- The opening of digital-only banks is predicted to enhance financial inclusion in Kenya, which will further push the adoption of debit card transactions. The Kenya cards and payments market volume was $49.5 million in 2022 and is expected to reach a CAGR of more than 17% between 2022-2026.
