Kenya leads South Africa, Nigeria in the use of digital payments, Visa reports
The multinational financial services corporation Visa published a survey that examines the impact of digital platforms. It revealed that fewer Kenyans (71%) use cash as a means of payment, compared to higher use of cash by businesses in South Africa (91%) and Nigeria (94%). This was promoted by the Kenyan government’s directions to suspend charges on all transfers from mobile money wallets and bank accounts. The study found that high usage of digital payments in Kenya was concentrated in food, entertainment, tours and accommodation, agriculture, transport and delivery, and professional services sectors of the economy. ‘Cash is the highest used option across all markets, though relatively lower in Kenya. Mobile wallet payments are highest in usage as well as preference in Kenya. Usage of a personal account for business payment is also prevalent in Kenya. Bank transfer is widely used in Nigeria,’ the survey highlighted.