Launching payments in Kenya: the stack

By Polynopsis team · Last updated 28 October 2026

Paying out in Kenya means delivering shillings to M-PESA wallets (up to KES 250,000 per transaction) or bank accounts through a CBK-licensed money remittance provider or a partner that holds that licence, with PesaLink moving bank payments 24/7 and KEPSS settling from 07:00 to 19:00 on business days. Cross-border senders typically pair a CBK-licensed remittance provider such as M-PESA Global or TerraPay, or a payout network such as dLocal, Flutterwave or Thunes, with a Kenyan commercial bank for FX and settlement, national ID and KRA PIN checks, and stablecoin ramps that must hold a VASP licence by 4 November 2026.

Currency	KES
Local payout rails	PesaLink, KEPSS (RTGS), M-PESA B2C (Daraja API)
Holiday calendar	Kenya bank holidays 2026 and 2027
Corridor playbooks	GBP to KES

The Kenya market

Kenya recorded US$5.04 billion of diaspora remittances through formal channels in 2025, up from US$4.95 billion in 2024, and US$3.77 billion from January to September 2026 (CBK monthly survey). source
The United States sent US$2.73 billion of Kenya's 2025 remittances, 54% of the total, and the United Kingdom US$360.2 million. source
M-PESA moved KShs 41.68 trillion across 46.41 billion transactions in Safaricom's year to March 2026, with 40.99 million one-month active customers in Kenya. source
M-PESA Global, Safaricom's international money transfer service, handled KShs 647.5 billion across 48.6 million transactions in the same year, up 16.2% in value. source
PesaLink had served more than 3 million users moving over KSh 1 trillion as of December 2024. source
Sending GBP 120 from the United Kingdom to Kenya cost 3.43% on average in Q3 2025 (average fee GBP 1.96, exchange rate margin 1.80%). source

Licensing: who can pay out in Kenya

Under the Money Remittance Regulations, 2013, a remittance provider must be a Kenyan limited company with 'money remittance' or 'money transfer' in its name, licensed by the CBK and holding core capital of at least KSh 20 million. Licences expire on 31 December each year and cover both inbound and outbound transfers. source
The CBK listed 37 licensed money remittance providers as at 30 September 2026, including Safaricom Money Transfer Services, TerraPay Money Transfer Services (Kenya) (licensed 12 March 2017), Mukuru Money Transfer (29 March 2019) and Wapi Money Transfer. source
The Virtual Asset Service Providers Act, 2025 makes the CBK and the Capital Markets Authority the licensing regulators from 4 November 2025. Providers already operating had one year to comply, and each licence grant is published in the Kenya Gazette within 30 days. source
The Virtual Asset Service Providers Regulations, 2026 (Legal Notice 134 of 2026) bar a virtual asset exchange from listing a stablecoin unless the CBK has approved it and a licensed issuer issues it, let the CBK direct licensed intermediaries to restrict stablecoins issued outside Kenya, and require CBK authorisation before converting virtual assets to or from foreign currency. source
The National Treasury and the CBK published a draft National Payment System Bill, 2026 in September 2026, intended to repeal the National Payment System Act. source

This page explains the rules in general terms and is not legal or regulatory advice. Check the primary source and take advice on how the rules apply to your firm.

Payout rails in Kenya

Rail	Operator	What matters for payouts	Source
PesaLink	Integrated Payment Services Limited (IPSL), a Kenya Bankers Association subsidiary	Real-time account-to-account payments 24 hours a day, 7 days a week, including weekends and public holidays.	source
KEPSS (RTGS)	Central Bank of Kenya	07:00 to 19:00 on business days since 1 July 2025 (previously 08:30 to 16:30), closed at weekends and on public holidays.	source
M-PESA B2C (Daraja API)	Safaricom	Business-to-customer disbursements from a B2C shortcode, from KSh 10 up to KSh 250,000 per transaction, with recipients capped at KSh 500,000 a day and a KSh 500,000 balance.	source

The Kenya payments stack, layer by layer

The providers below are a starting shortlist for each layer, described from their own documentation. Confirm terms, coverage and licences with each provider.

Payout and collection partners

Provider	What it does in Kenya	Source
M-PESA Global (Safaricom)	M-PESA Global, Safaricom's international money transfer service, lets M-PESA customers receive money from abroad through partners including Western Union, MoneyGram, Ria, WorldRemit, Wave and Remitly.	source
TerraPay · our guide	Its network page lists Kenya among its African receive markets.	source
dLocal · our guide	Payouts V3 sends KES to bank accounts and to M-PESA, Airtel and Equitel wallets, funded in KES or USD, with remitter details required for P2P remittances.	source
Flutterwave · our guide	Sends KES to Safaricom M-Pesa, Airtel and T-Kash mobile money wallets from a Flutterwave balance, including cross-currency transfers debited from another currency wallet.	source
Fincra	Payout API sends KES to mobile money wallets and bank accounts, as local or cross-currency payouts.	source
Thunes · our guide	Pays KES to mobile wallets and to bank accounts over PesaLink, in real time on all days including public holidays.	source
Onafriq	Its integration with the Yuno platform is live in Kenya, covering mobile money disbursements and collections and FX treasury services.	source

Local banking and settlement accounts

Provider	What it does in Kenya	Source
Equity Bank (Jenga API)	APIs to disburse to mobile wallets and bank accounts, including RTGS, check balances and statements, get real-time exchange rates and verify customer identities.	source
KCB (Buni)	APIs to collect and send money on M-PESA, Airtel Money, T-Kash, VOOMA and any Kenyan bank, plus account services such as forex rates and instant payment notifications for KCB customers.	source

Stablecoin ramps and exchanges

Provider	What it does in Kenya	Source
Kotani Pay	Offramp API converts USDC, USDT and other tokens on chains including Ethereum, Celo, Polygon, Tron, Solana, Stellar and Base into KES paid to mobile money, bank accounts or, in Kenya only, Till and Paybill numbers.	source
Yellow Card · our guide	Stablecoin payments API that receives and sends KES by bank transfer, with M-PESA and Airtel listed as its Kenyan mobile networks.	source

FX and liquidity

Provider	What it does in Kenya	Source
Kenya interbank FX market	Kenya runs a free-floating exchange rate set by supply and demand, and the CBK only steps in to even out extreme and undesirable fluctuations.	source
CBK published exchange rate	The CBK's rate is the weighted average of registered spot trades in the interbank market during the trading session; commercial banks and forex bureaus set their own customer rates.	source
Kenyan commercial banks	All foreign exchange inflows and outflows of a licensed money remittance provider must pass through Kenyan commercial banks and be reported to the CBK.	source

KYC and KYB providers

Provider	What it does in Kenya	Source
Smile ID	Verifies Kenyan National ID, Alien Card, passport, KRA PIN and tax information against issuing-authority records.	source
Dojah	Government data lookups for Kenyan National ID, international passport and KRA PIN.	source

Bank data and open banking

Provider	What it does in Kenya	Source
Mono	Users in Kenya can link their M-Pesa account through the Mono widget for financial data retrieval, using a USSD statement request (restored June 2025).	source

Funding and prefunding KES payouts

A licensed remittance provider can net off payments with counterparties at settlement, but all its foreign exchange flows must go through Kenyan commercial banks. source
Customer funds for transmission go into a 'customers' account' held in the provider's name at a licensed commercial bank or microfinance bank. source
KEPSS closes at weekends and on public holidays, so bank-funded top-ups wait for the next business day while PesaLink payouts continue. source
M-PESA B2C payouts debit the shortcode's Utility account, not its MMF or Working account, so funds must be moved to the Utility account first, by portal or through the B2C Account Top Up API. source
Kotani Pay's offramp requires a funded payout balance in the disbursement currency before fiat is sent. source

Size the prefund to your runway target with the corridor runway calculator and the Kenya holiday calendar.

Launch checklist

Plan: launch volume, the prefund sized to your runway target including weekends and holidays, the contracting entity and the funding route.
Open accounts: shortlist payout partners and a local banking route from the layers above, and prepare the onboarding pack.
Set up: read access to every new balance, a runway target with alerts, and the corridor in your daily reports.
Go live: the first prefund and a test payout, then daily monitoring.

Polynopsis turns this into one plan with named approvals, then shows every Kenya partner, bank and wallet in one live position. See how a corridor launch works.

Frequently asked questions

How much can one M-PESA wallet receive?

KES 250,000 per transaction and KES 500,000 a day, with a KES 500,000 maximum balance, so larger payouts go to bank accounts.

Who licenses remittance providers in Kenya?

The CBK, under the Money Remittance Regulations. It listed 37 licensed providers at 30 September 2026, and each needs core capital of at least KSh 20 million.

When do Kenyan payment rails run?

PesaLink runs 24/7, including public holidays. KEPSS runs 07:00 to 19:00 on business days only.

Can Kenyan exchanges offer USDT or USDC?

Under the 2026 VASP Regulations, an exchange cannot list a stablecoin unless the CBK has approved it and a licensed issuer issues it, and the CBK can restrict stablecoins issued outside Kenya. Existing VASPs have until 4 November 2026 to comply with the Act.

Who sets the KES exchange rate?

The market. Kenya runs a free float, the CBK publishes a weighted average of interbank spot trades, and banks and bureaus set their own customer rates.

Why does an M-PESA B2C payout fail for insufficient balance?

B2C debits the Utility account. Funds in the MMF or Working account must first be moved to the Utility account.

Other markets

Sources

Know where all your money is.

Polynopsis gives cross-border payment teams one live position across every bank, payout partner, exchange and wallet, including money in flight, and warns before a corridor runs dry.

Book a demo →Learn more →