Xprizo, an iGaming fintech platform, has increased its payment service offerings by integrating with Kenyan network M-Pesa. Xprizo is an all-in-one finance management solution that allows merchants to manage their payments all in one place and supports all major payment processors. M-Pesa, launched in 2007 by Vodafone and Safaricom, is a money transfer service, payments and micro-financing service to be used on mobile phones.
Africa and Kenya stats
Roughly 90% of businesses in Africa are micro, small or medium-sized enterprises (MSMEs); add to this millions of consumers across the continent and the need for an accessible and reliable payment platform becomes obvious.
Statistics relating to Kenya’s distribution of online payment methods in 2022 reveal that 40% are cash (on delivery) payments, 25% are card transactions and the rest are through other options. Additionally, as of January 2023, the number of internet users in Kenya stood at 17.86 million out of a population of just over 55 million, making internet accessible to less than a third of the population.
Crucial solution for finance management
This means that payment services offerings like this one are crucial solution. According to the companies, this collaboration ‘aims to bridge critical gaps in the payment ecosystem, notably facilitating seamless cross-border transactions and providing businesses with an invaluable tool for local operations.’
Due to this new partnership, Xprizo users can now deposit and withdraw funds using M-Pesa directly into their Xprizo wallet. From there, users are permitted access to a variety of services, from making transactions in international e-commerce environments to utilising wallet-to-wallet functionalities.
Businesses can integrate the full Xprizo wallet, enabling users to top up their accounts using M-Pesa or other integrated solutions. Following that, consumers can make transactions from their Xprizo wallet to any Xprizo-registered merchant. Alternatively, end users have the option to pay directly via M-Pesa on a merchant’s website.
Xprizo CEO Richard Mifsud commented: “M-Pesa has fundamentally transformed how people manage money. Where Xprizo steps in is to expand that revolution into cross-border payments and corporate services – we’re very optimistic about the new addition to the Xprizo payment aggregator.”
Xprizo is a fintech platform designed to simplify transactions for both merchants and consumers. The platform aims to make P2P payments and online transactions a smooth experience for all parties involved. Adhering to the highest standards of legal compliance, they welcome partnerships across a multitude of industries. The company won the prestigious AIBC award for “Most promising startup of the year” at this year’s AIBC Asia Awards in held in Dubai.
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