40% of Kenyan SMEs Adopt Digital Payments Amid Security Concerns

Visa has released research highlighting the significant growth potential for digital payments among small and medium-sized enterprises (SMEs) in Kenya and Tanzania. In Kenya, 40% of SMEs have utilized digital payments in the last two years, with major motivators including convenience, cost savings, and efficiency. The findings indicate a strong need for enhanced security measures, as 97% of digitally equipped SMEs express concerns about cash security. Similarly, in Tanzania, 84% of surveyed SMEs have begun accepting digital payments recently, viewing card payments as essential for future growth. Chad Pollock from Visa East Africa emphasized the transformative potential of digital payments for individual and economic development in both countries. The reports collectively advocate for promoting secure digital payment options to mitigate risks and encourage wider adoption.