Payless, one of Kenya’s fastest-growing fintech platforms, has introduced a groundbreaking new feature aimed at simplifying and expanding digital payments for consumers. Dubbed Bank-to-Payless, the feature enables users to directly transfer funds from their bank accounts to their Payless wallets, bypassing traditional mobile money services. This development marks a significant milestone in Payless’s mission to create an affordable, user-friendly Pan-African financial superapp.
The Bank-to-Payless feature allows Payless customers to transfer up to Ksh 250,000 per transaction and a daily limit of Ksh 500,000. This significant upgrade to the platform’s capabilities addresses one of the most frequently cited challenges by users: high transaction limits that are often imposed by mobile money services. By leveraging the banking sector, Payless removes intermediaries, providing customers with a smoother, more efficient way to load funds and manage payments directly from their accounts.
Kevin Mulei, the CEO of Payless, described the new feature as a “game-changer” for the platform’s growing user base. “This feature is something our customers have been yearning for since our launch. 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,” Mulei explained.
The launch of this feature is the result of increasing consumer demand for more flexible and convenient digital payment options. Payless’s primary goal has always been to offer innovative and accessible financial services, and the Bank-to-Payless feature perfectly aligns with that mission. By eliminating the need for mobile money intermediaries, Payless has not only increased transaction limits but also enhanced the affordability of its services.
The firm’s ability to integrate with the banking system is an essential component of the new feature. Payless has partnered with three leading banks to ensure that consumers can easily transfer funds into their wallets, either for personal use or to receive payments such as salaries and wages. This is a significant advantage for Kenya’s young population, especially Generation Z and Generation Free users, who are increasingly looking for digital solutions to manage their financial needs.
Derrick Gakuu, the Chief of Operations at Payless, emphasized the company’s focus on inclusivity. “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,” he said.
The Bank-to-Payless feature comes at a time when mobile money services in Kenya, such as M-Pesa, have become widely used for day-to-day transactions, but have faced limitations in transaction sizes. Payless is tapping into a market demand for higher transaction limits and greater flexibility. By providing these features, Payless is positioning itself to compete with traditional mobile money services, while at the same time offering a more diverse array of financial tools to meet the needs of modern consumers.
As part of its ongoing strategy, Payless aims to further expand its customer base, which currently stands at 500,000 users. The firm sees the Bank-to-Payless feature as key to attracting more users by improving the overall user experience and addressing common pain points. Moreover, Payless has hinted at even more “disruptive, innovative features” in the pipeline for 2025, signaling its intention to remain at the forefront of Kenya’s fintech landscape.
In conclusion, Payless’s Bank-to-Payless feature represents a significant advancement in the fintech space, offering consumers greater transaction flexibility, convenience, and affordability. By integrating banking capabilities directly into its platform, Payless is not only enhancing its services but also accelerating financial inclusion for a younger, tech-savvy demographic. With more innovations on the horizon, Payless looks set to continue its impressive growth and reshape the way financial services are delivered across Kenya and Africa.
