Safaricom deal to take M-Pesa abroad and muscle global players may have attracted competition at home as international brands also eye the local market.
Early in the month, the biggest telco in Kenya unveiled a new service on its M-Pesa mobile financial services platform that will allow users to send money around the world in a partnership with Western Union.
However, American online payment system PayPal Inc. Holdings also made a strategic investment in Tala a mobile lender in Kenya and the region
Tala, formerly Mkopo Rahisi operates in Kenya, Tanzania, Philippians and Mexico and has its eyes on Nigeria.
The financial technology start-up has been able to raise millions of dollars which it lends to underserved consumers in emerging markets
“The company declined to disclose the amount of the investment, but Tala said it will use the funding to further develop its product and broaden its reach. The company has lent more than $500 million,” I&M Burbidge Capital said.
American Express and Equity Bank also extended their deal allowing American Express card members to make payments at any Equity Bank Point of Sale Terminal in Kenya.