Paykit is a digital payment platform regulated by the Central Bank of Kenya (CBK), launched in Kenya for effective high-volume transactions.
Both individuals and businesses can make payments and transfer money through the digital payment app.
Speaking during the launch of the app in Kenya, Paykit Kenya Limited CEO Beatrice Okeyo stated that businesses today need to be able to manage funds across multiple channels in real time.
“Digital payments in Kenya have largely solved access. The next challenge is scale and efficiency because businesses today need to send, reconcile, settle, and manage funds across multiple channels and currencies in real time, in addition to receiving payments,” Beatrice Okeyo stated.
Paykit Platform
The Paykit platform, under the Roamtech Solutions Limited, is an all-in-one digital wallet that enables access to and management of funds across mobile money providers and banks.
The emergence of the platform followed the success of the pilot platform, which processed approximately KSh 30 million in transactions over two and a half months.
Paykit complies with the CBK regulations for e-wallets and with the anti-money laundering (AML) and Know Your Customer (KYC) requirements.
Currently, the platform aims to onboard 15,000 merchants and achieve 500,000 mobile app downloads by the end of 2026, while targeting over 50 to 60 million transactions, according to the CEO.
In addition, the platform supports multi-currency transactions for cross-border transactions with consideration of the speed fees and transaction safety.
Shortly after launch, over 10,000 downloads were recorded on the Google Play Store and the Apple App Store.
However, the app restricts the access to minors below the age of 18.
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Personal Users Features
For individual transactions, the app has the P2P feature that allows instant sending or receiving of funds to people and other Paykit users for free or at a low fee.
Additional individual users can make utility payments and bill payments through the platform.
Quick purchases of airtime and data for any Kenyan network are also enabled on the platform.
Furthermore, the platform allows individuals to create and contribute to group collections and crowdfunding campaigns.
To start using the platform, individuals are required to use the Google Play Store for download or paykit.africa.
Registration is done by using the personal phone number, name, and email.
A verification OTP is sent to the registered phone number, and after verification, one must set a secure PIN.
After registration is complete, individuals can link M-Pesa, Airtel Money, and bank accounts to start transacting by selecting the service, entering the details, and confirming.
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Business Features
Businesses handling high volumes of money through the platform can use the unified wallet feature for transactions.
Paykit allows business owners to receive payments from M-Pesa, Airtel Money, and banks via the Paybill.
A 2% fee on collection is available for the same-day activation for all business owners making collections via Paybill on the platform.
Additionally, the app allows business owners to make bulk payouts for salaries, supplies, and standard business payments at a low cost.
Further, the platform has the Merchant portal that allows tracking of transactions, reports, and real-time settlements for business owners.
Additionally, for the e-commerce sites and custom apps, the app has API integrations and intelligent reconciliation to reduce manual errors in making payments.
Unlike the individual onboarding, the merchant setup is primarily support-led, with merchants contacting the Paykit support service for the onboarding process at [email protected].
During the onboarding, the merchants are required to provide business details for CBK-compliant verification.
A Paybill and Merchant Portal login is provided to the business owner upon successful verification.
