DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Emerging Opportunities in Kenya's Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape" report to their offering.
Kenya is the testing ground for a revolution that could help extend financial inclusion to some of the poorest and most remote places in the world. Its m-payments channel is considered to be in the same league as Korea and Japan. Over KES318 billion (US$3.9 billion) worth of m-payments were made in 2011, equivalent to 12% of the country's GDP. With plans to form a currency bloc between Uganda, Tanzania, Burundi and Rwanda by 2012, Kenya could be the launch pad for a boom in electronic payments across east Africa. As mobile phone use rises, banks and governments in economies with less-developed payment infrastructures may be able to bypass investment in areas such as bank branches and ATMs. Instead, they can concentrate on tailoring their systems to benefit from the ever-increasing popularity of mobile phones as payment devices. Mobile is not the only part of the Kenyan payments system which is undergoing a period of growth; debit is also becoming an essential transaction platform. Despite the popularity of m-payments, debit remains the most popular payment option in terms of transaction volume.
Key Highlights
- Debit cards recorded a remarkable CAGR growth of 56.52% during the review period (2008-2012)
- The nation's credit card category is relatively limited. Central Bank of Kenya (CBK) figures show there were 137,000 credit cards in circulation in total in 2012. Credit card spending registered a CAGR of 26.46% during the review period
- Over KES318 billion (US$3.9 billion) worth of m-payments were made in 2011, equivalent to 12% of the country's GDP. With plans to form a currency bloc between Uganda, Tanzania, Burundi and Rwanda by 2012, Kenya could be the launch pad for a boom in electronic payments across east Africa
- The volume of internet users more than doubled in 2012, from 3 million in 2011 to 7.5 million in 2012. Government investment in fiber-optic cables is expected to increase the number of users, which will have a positive impact on internet banking
Key Topics Covered:
1 Executive Summary
2 Market Attractiveness and Future Prospects of Cards and Payments Industry
3 Analysis of Kenya Cards and Payments Industry Drivers
4 Emerging Consumer Attitudes and Trends
5 Competitive Landscape and Industry Dynamics
6 Market Size and Growth Potential of Payment Card Industry
7 Company Profiles, Product, and Marketing Strategies
- Barclays Bank of Kenya Limited
- Kenya Commercial Bank
- Standard Chartered Bank Ltd
8 Appendix
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