Kenyas Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape

on Tuesday, 25 November 2014 include new market research report " Kenya’s Cards and Payments Industry: Market Size, Shares, Growth, Analysis, Trends And Forecast" to its huge collection of research reports.

Kenya is a testing ground for a revolution that could help extend financial inclusion to some of the world’s poorest and most remote locations. This report provides the reader with top-level market analysis, information and insights on Kenya's cards and payments industry, including current and forecast values for each category of Kenya's cards and payments industry, a comprehensive analysis of the industry’s market attractiveness and future growth areas and a detailed analysis of the marketing strategies adopted for selling debit, credit, charge and prepaid cards used by banks and other institutions in the market.

Kenya is developing into a hub for electronic payments, and is likely to become a focal point for wider growth across east Africa. A number of economic and demographic factors have driven the growth of the Kenyan cards and payments industry. 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.

Under the financial inclusion plan, the Kenyan government and the country’s banks are striving to offer basic banking services to individuals in rural areas, where access to banking infrastructure is minimal. Banks are appointing agents to increase their customer bases, expanding their ATM networks and establishing new branches. Agents are educating the rural population of the importance of access to formal banking services, and helping them to open bank accounts.

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Banks used to issue ATM cards for the sole purpose of cash withdrawals, but as the government realized the need to reduce cash transactions, it urged banks to start replacing ATM cards with multi-purpose debit cards. Increasing awareness takes time, however, and most Kenyan consumers use debit cards mainly at ATMs.

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