Mastercard delegation met with Governor of Central Bank of Kenya as well as the Information Ministry officials
A delegation from Mastercard has finished a tour of Kenya which explored different faces of Kenya’s digital payments ecosystem as Kenya takes a lead in Africa in digital transactions.
As part of his visit to Kenya, Tim Murphy, General Counsel at Mastercard met with Patrick Ngugi Njoroge, Governor of the Central Bank of Kenya to discuss their shared commitment to bringing the latest digital payment safety and security technologies to east Africa.
“Our goal is to provide Kenyans access to the tools and solutions that will make life more convenient and their money more secure through electronic payments. Without a doubt, safety and security is our number one priority,” says Murphy.
“With the shift to digital payments happening at an unprecedented rate, we will see more change in payment technology over the coming five years than we have seen over the last five decades. As technology evolves, Mastercard is committed to remaining at the forefront, driving innovation in Kenya and around the globe.”
The delegation also met the Cabinet Secretary in charge of Information and technology Joe Mucheru.
Kenya has been developing various methods of digital payments in a move geared towards reliance on paper money and navigating to a cashless economy.
The emergence of M-Pesa as well as other mobile phone based digital wallet were the first to open up the country for cashless purchases and payments. The international card companies have also intensified the availability of their services which have been boosted by a growing e-commerce both in Kenya and the rest of Africa.
The digital economy, including electronic commerce(e-commerce), is growing quickly in Africa, creating new opportunities for entrepreneurs and businesses to expand their market access and join value chains.
It is estimated that there were in 2017 at least 21 million online shoppers in Africa. While this is less than two percent of the world total, the numbers are rising faster than in other world regions.
The extent to which people and businesses in Africa participate in e-commerce varies considerably, within and between countries. Three countries – Nigeria,South Africa and Kenya – account for almost half of them.