Payments platform PayKit has launched in Kenya, positioning its services around high-volume payments, reconciliation and multi-currency capabilities for micro, small and medium-sized enterprises (MSMEs) and digital platforms. The company said on April 22, 2026 in Nairobi that it processed about KES 30 million in transaction value during a pilot phase over the last 2.5 months and is targeting 50–60 million transactions by the end of the year.

The launch comes as Kenya’s digital payments market continues to deepen, driven largely by mobile money. PayKit cited data from the Communications Authority of Kenya showing mobile money penetration exceeds 98% of the adult population, with more than 51 million active accounts and annual transaction volumes above KES 8.6 trillion.

PayKit’s strategy is aimed at businesses that increasingly require tools to manage disbursements, settlement and back-office processes as transaction volumes rise and more firms trade across borders. The company argues that many payment providers still concentrate on consumer wallets or basic collections, leaving operational gaps for businesses dealing with complex financial flows.

The focus on MSMEs is significant in Kenya’s business landscape. PayKit referenced Kenya National Bureau of Statistics data indicating the country has about 7.4 million MSMEs—around 98% of all business entities—contributing about 30% to 40% of GDP and employing more than 14.9 million people.

“Digital payments in Kenya have largely solved access. The next challenge is scale and efficiency because businesses today need need to send, reconcile, settle and manage funds across multiple channels and currencies in real time, in addition to receiving payments,” said Beatrice Okeyo, PayKit’s CEO.

According to the press release, PayKit’s product set includes high-volume disbursements for supplier and payroll payments, faster settlement to support cash flow, and “intelligent reconciliation” to reduce manual matching of payments to transactions. The firm also said it offers multi-currency support, which it framed as increasingly important as Kenyan businesses expand across borders and as new payment corridors emerge.

PayKit said it is regulated by the Central Bank of Kenya (CBK). It was founded in 2023 and has been developing and refining its technology since then, while setting up operations and securing approvals to operate in the country, according to the company.

In its growth plan, the firm said it aims to onboard about 15,000 merchants by year-end and reach 500,000 mobile app downloads, supported by a merchant portal and a mobile application.

“There is a clear need for more advanced payment infrastructure because many businesses in Kenya, and indeed most of Africa, continue to face challenges such as limited interoperability and high operational overheads. In many sectors, cash and manual processes still play a significant role, highlighting the gap between access to digital payments and the ability to use them efficiently at scale. This is the gap that PayKit sufficiently bridges,” Okeyo said.

Regionally, PayKit said it is evaluating expansion within 18 to 24 months, with Rwanda identified as a priority market. The company attributed its interest to what it described as an enabling regulatory environment that allows payment service providers to operate more seamlessly without needing to register afresh in the country.

For Kenya’s fintech and payments sector, PayKit’s entry adds to competition among payment service providers seeking SME volumes beyond basic collections, as businesses demand interoperability, automation and improved controls. The company’s ability to meet its transaction, merchant and adoption targets is likely to depend on integration depth with existing payment rails, pricing, and operational reliability at scale—areas that have increasingly differentiated providers in a crowded market.

PayKit said its next milestones include scaling transaction volumes through its portal and app, expanding its merchant base, and progressing regulatory and market evaluations for entry into other East African markets.