Electronic payments processing company Emerging Markets Payments (EMP) has entered the Kenyan market, opening a fifth African office after Cairo, Lagos, Johannesburg and Cape Town.
The company will be offering customers a full range of card schemes and covers all payment channels, including cards, mobile and e-commerce as well as a range of e-government services.
“The opening of the EMP office in Kenya is a key strategic initiative for EMP. We already serve over 130 banks and 30,000 merchants in 35 countries in the region,” said executive chairman Paul Edwards.
“Kenya and the East Africa region are a highly attractive market for us. We currently have 14 bank customers in the region, but given the commitment from the government and Central Bank of Kenya (CBK), we expect to see a significant push towards a more cashless society and a higher standard of electronic banking services.”
According to Edwards, there is a strong correlation between access to financial services and growth in gross domestic product (GDP). While the growth of M-Pesa has been remarkable, he said, there is still a long way to go to ensure the national payments infrastructure supports a modern, dynamic economy.
“We believe we can play a key role in the evolving national payments system. We are the most experienced EMV processor on the continent, having been promoting the standard for over 10 years,” said Edwards.
Wayne Harris, EMP’s regional director for East and Southern Africa, said at the end of 2012 there were an estimated 10.7 million payment cards in Kenya, translating to 46 cards per 100 adults. He forecast a growth rate of 12 per cent in the coming period.
“The electronic banking infrastructure is growing as well. EMP has already partnered with four banks in Kenya prior to its official launch and we expect the number to increase significantly over the next year,” he said.
