NOV 27 – Payless, the fintech disruptor revolutionizing Kenya’s financial services landscape, has unveiled its highly anticipated Bank-to-Payless feature. This innovative functionality allows customers to transfer up to Ksh. 250,000 per transaction and up to Ksh. 500,000 daily directly from their bank accounts to their Payless wallets, bypassing traditional mobile money rails.
The announcement, made during Payless’ DemoDay 2024 on November 25, marks a significant milestone in the company’s mission to create the most loved and affordable Pan-African payments and financial services superapp. Hosted at an exclusive after-hours mixer, the event brought together tech enthusiasts, influencers, bloggers, and members of the press for a hands-on experience of the new feature.
Disrupting the Status Quo
This launch is a direct response to consumer demand, addressing a pain point for many users seeking seamless and cost-effective ways to fund their digital wallets. By leveraging existing payment rails and partnering with three leading banks, Payless has removed the friction associated with intermediaries, unlocking a new level of affordability and convenience for its growing user base.
“This feature is a game-changer that our customers have been yearning for since our launch,” said Kevin Mulei CEO of Payless. “With this capability, we’re enabling our users to ‘load and cruise,’ breaking free from traditional mobile money constraints. It’s a testament to our commitment to making financial services accessible, affordable, and fun.”
Beyond Mobile Money: A New Frontier
Kenya, widely regarded as the cradle of mobile money innovation, has seen over 65% of its money in circulation digitized. However, banks remain the backbone of financial ecosystems, originating significant cash flows through loans, investments, salaries, and B2B settlements.
Derrick Gakuu, Chief of Operations at Payless, emphasized the transformative nature of this integration. “Now our #GenZ and #GenFree customers can load directly from banks or request payments to be made into their Payless wallets—including salaries and wages. This takes us closer to redefining what a superapp can achieve, breaking barriers and accelerating financial inclusion for the youth across Kenya and Africa.”
Scaling New Heights
With over 500,000 users and counting, Payless is one of Kenya’s fastest-growing fintech platforms. By introducing features that simplify financial transactions and enhance user experience, the company continues to position itself as a leader in the Silicon Savannah and a model for digital innovation across Africa.
The Bank-to-Payless feature represents a cornerstone in Payless’ strategy to deliver impactful, user-centric solutions. The company has also hinted at “disruptive, innovative features” planned for 2025, further solidifying its role as a trailblazer in the fintech space.
A Vision for Africa’s Youth
Payless is on a mission to empower the #GenFree generation, creating a frictionless ecosystem that integrates payments, savings, and financial tools into a single app. The company’s unique value proposition resonates with Kenya’s vibrant youth demographic, promising a future where financial services are inclusive, intuitive, and inspired by the energy of Africa’s digital-savvy population.
As the company continues to push boundaries, Payless is proving that it’s not just building a payments platform but a movement—one that’s making financial inclusion a reality for millions.
