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Kenya's Cards And Payments Market 2014 Opportunities, Key Trends, Forecast And Analysis To 2018

Sep 26, 2015

Cards And Payments

Cards And Payments

The country is renowned as one of the most peaceful and stable in Africa. Demographically and economically, the country is well positioned, with an average age of just 18, and expectations of healthy GDP growth over the forecast period (2014–2018). Young populations are typically more willing to embrace innovation and technology, and have long working lives ahead of them, making them more likely to become wealthier and consume more banking products and services.

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In terms of the number of cards in circulation, Kenyan payment cards (including debit, credit and charge cards) registered robust growth during the review period (2009–2013), recording a compound annual growth rate (CAGR) of 26.32% to increasing from 3.8 million cards in 2009 to 9.7 million in 2013. In terms of transaction value, payment cards valued KES1.5 trillion (US$18.5 billion) in 2013, after registering a significant review-period CAGR of 34.40%.
The average transaction value (ATV) in Kenya was US$49.3 in 2013, which was the fourth-highest among its peer countries. Egypt recorded the highest ATV with US$97.7, followed by Morocco with US$94.3, South Africa with US$54.6, and Nigeria with US$38.4. In terms of card penetration, Kenya recorded 0.22 cards per inhabitant in 2013, while South Africa, Morocco, Nigeria and Egypt recorded respective amounts of 1.25, 0.33, 0.20 and 0.18. In terms of frequency of use, Kenya recorded 35.5 transactions per card in 2013, while South Africa, Morocco, Egypt and Nigeria recorded 38.2, 21.1, 15.7 and 12.0 respectively.

The Kenyan prepaid market remains in its early stages – fragmented and uneven, but growing quickly despite heavy competition from M-Pesa. To capture the untapped market, banks, card issuers and retailers are launching prepaid card variants. In October 2012, Kenya’s largest retail chain, Nakumatt, launched the Nakumatt Global MasterCard Prepaid card, enabled with contactless technology. MasterCard collaborated with Nakumatt’s banking partners, Diamond Trust Bank (DTB) and Kenya Commercial Bank (KCB), as part of the launch, with both banks issuing prepaid cards to retail customers.

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In July 2013, Visa launched the Mi-Card prepaid card in association with Mi-Fone and DTB, targeting smartphone users. In May 2014, the Kenyan Public Transport Industry announcement plans to introduce prepaid cards to pay for transport fares. The Kenyan cards and payments industry is highly mobile-driven, largely through M-Pesa. The business was initially established by DFID, the UK’s Department for International Development, and Vodafone subsidiary Safaricom. The Central Bank of Kenya (CBK) also played a role in its development. Its strategy has been based on promoting the uptake of mobile-based financial services to the rural, unbanked population, indicating a clear economic rationale for the development of m-payments in Kenya and other countries. M-Pesa has already expanded in Kenya and other east African markets, and is banking on the economies becoming more closely integrated and payment volumes increasing.

Scope

This report provides a comprehensive analysis of Kenya’s cards and payments industry.
It provides current values for Kenya’s cards and payments industry for 2013, and forecast figures for 2018.
It details the different economic, infrastructural and business drivers affecting Kenya’s cards and payments industry.
It outlines the current regulatory framework in the industry.
It details the marketing strategies used by various banks and other institutions.
It profiles the major banks in Kenya’s cards and payments industry.

Key highlights

• In terms of the number of cards in circulation, Kenyan payment cards (including debit, credit and charge cards) registered robust growth during the review period (2009–2013), recording a compound annual growth rate (CAGR) of 26.32% to increasing from 3.8 million cards in 2009 to 9.7 million in 2013. In terms of transaction value, payment cards valued KES1.5 trillion (US$18.5 billion) in 2013, after registering a significant review-period CAGR of 34.40%.

• The average transaction value (ATV) in Kenya was US$49.3 in 2013, which was the fourth-highest among its peer countries. Egypt recorded the highest ATV with US$97.7, followed by Morocco with US$94.3, South Africa with US$54.6, and Nigeria with US$38.4. In terms of card penetration, Kenya recorded 0.22 cards per inhabitant in 2013, while South Africa, Morocco, Nigeria and Egypt recorded respective amounts of 1.25, 0.33, 0.20 and 0.18. In terms of frequency of use, Kenya recorded 35.5 transactions per card in 2013, while South Africa, Morocco, Egypt and Nigeria recorded 38.2, 21.1, 15.7 and 12.0 respectively.

• The Kenyan prepaid market remains in its early stages – fragmented and uneven, but growing quickly despite heavy competition from M-Pesa. To capture the untapped market, banks, card issuers and retailers are launching prepaid card variants. In October 2012, Kenya’s largest retail chain, Nakumatt, launched the Nakumatt Global MasterCard Prepaid card, enabled with contactless technology. MasterCard collaborated with Nakumatt’s banking partners, Diamond Trust Bank (DTB) and Kenya Commercial Bank (KCB), as part of the launch, with both banks issuing prepaid cards to retail customers.

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