Technology
A digital payment organisation known as Network has launched new solutions to online and mobile payments which would not only provide solutions to traders but also empower businesses with the latest technologies for development.
Speaking during the launch, the Deputy Director of Financial and Sectoral Affairs in the National Treasury Ronald Inyangala revealed that Network is one of the key players in making digital payment more accessible to all levels of traders. “Network offers a promising opportunity for the diaspora community who will have a new way of making business transactions,” added Inyangala.
He further highlighted that Network has made the Point of Sale (POS) payment global in a way that allows tourists visiting Kenya to pay for artefacts. Inyangala recalled that on February 23rd 2022, Kenya chose to fast track a cashless economy and fuel a fast, secure and innovative country through the National Payment Strategy launched by the Central Bank of Kenya.
“Through the strategy, Kenya aims to achieve the International Standards Organization 2022 policy that provides for rich reporting, efficient payment and data security,” said the Deputy Director. He revealed that the government is keen to facilitate the entry of new players into the payment gateway so as to promote competition among players and enhance service delivery to businesses.
Inyangala at the same time highlighted that seamless payment systems through cards and mobile are key factors for a robust growth in commercial activities that would boost the country’s economy. “Our recent development in the payment system as well as technology has provided customers with a wide frame of choices that allow them to demand for better levels of efficiency and safety,” he emphasized.
Additionally, the Deputy Director announced that the adoption of digital payments in provision of government services has enhanced revenue collection and that over 16,000 services are online and cashless. In her remarks, Network Regional Managing Director Judy Waruiru revealed that digital payments are an integral part of our daily life.
“According to the latest data by the Central Bank of Kenya, there are likely over 55,000 POS device machines in the country which cover only a fraction of Kenya’s retail and SME sector,” she disclosed. Waruiru said that the National Payment Strategy for 2022-2025 aims to modernize the Kenyan payment system by upgrading infrastructure and raising awareness of digital payments.
“This initiative creates a conducive environment for the growth and adoption of digital payment solutions in Kenya,” she added. The MD stated that through the strategy, the Central Bank of Kenya in 2023 launched the Kenya Quick Response Code (QR) standard.
“This is a Framework developed to standardize the use of QR payments in Kenya. It allows consumers to make payments using any phone that has a camera where you can make payments on mobile or card at a business point of sale regardless of the payment provider,” explained Waruiru.
She noted that the QR code payment solution has the ability to change the way people pay on the streets and that it is the beginning of a journey to provide solutions to every kind of trader in Kenya. “Using our global and local industry knowledge, our vision is to empower businesses and merchants with the latest payment technologies. As Network, our purpose is to help businesses and economies prosper by simplifying commerce and payments,” she said.