20NINE and Kenya's Largest Bank Partner to Tackle Transaction Costs

Strategic alliance aims to drive digital payments and financial inclusivity through zero transaction cost solution.

Nairobi, Kenya - December 5, 2023 – Fintech platform 20NINE and Kenya's largest bank have formed a strategic partnership to address high transaction costs, promote digital payments, and empower small shops (Dukas) to grow in the digital economy. The alliance will increase the bank's market share and grant 20NINE access to a substantial user base.

Currently, 71% of payments in Kenya remain cash-based due to excessive transaction costs. This situation impedes the transition to digital payments and the ability of small shop owners and their customers to build financial history and creditworthiness, notably affecting the growth potential of Dukas.

The partnership leverages the bank's infrastructure with 20NINE's fintech platform to provide small shops with digital business tools and the opportunity to sell online. A significant aspect of the collaboration is the introduction of a zero transaction cost alternative to the market. Something that will disrupt the status quo in Kenya and accelerate the adoption of digital payments.

20NINE's CEO, Andreas Lalangas, commented, "We are all about next-generation digital payments. And this partnership is a significant step towards digitising society and making the underserved bankable."

The alliance embodies 20NINE's commitment to innovating Kenya's financial landscape, fostering financial inclusivity, and propelling the nation towards a new digital payment era.