EFT Corporation announced a partnership with several major Kenyan savings and credit cooperatives. The African payment company processes over 33 billion dollars each year and serves more than 100 million customers. Leaders made the announcement during an event held in Nairobi during May 2025. The meeting brought together regulators, cooperative leaders and financial technology companies. They discussed plans for building better financial systems for cooperatives.
Many cooperatives have started using digital tools but lack proper licenses for payment services. Most cannot issue cards or process transactions directly through Kenya's National Payment System. They must rely on banks as middlemen for digital services. This creates extra costs and operational challenges for the cooperatives. A shared platform would give them more control over their financial operations.
The new system will connect cooperatives directly to the national payment network. It will support real-time transactions between different institutions. The platform will also help with customer onboarding and automated settlement processes. EFT Corporation plans to work with a group of 20 to 25 cooperatives during development. The company has built similar payment systems across Africa.
Testing will begin during the third quarter of 2025. Workshops will focus on designing wallet features and user processes. The sessions will also address regulatory requirements for the cooperatives. EFT Corporation invites interested cooperatives to join the working group. The pilot program will help shape the final platform design.
Many cooperatives have started using digital tools but lack proper licenses for payment services. Most cannot issue cards or process transactions directly through Kenya's National Payment System. They must rely on banks as middlemen for digital services. This creates extra costs and operational challenges for the cooperatives. A shared platform would give them more control over their financial operations.
The new system will connect cooperatives directly to the national payment network. It will support real-time transactions between different institutions. The platform will also help with customer onboarding and automated settlement processes. EFT Corporation plans to work with a group of 20 to 25 cooperatives during development. The company has built similar payment systems across Africa.
Testing will begin during the third quarter of 2025. Workshops will focus on designing wallet features and user processes. The sessions will also address regulatory requirements for the cooperatives. EFT Corporation invites interested cooperatives to join the working group. The pilot program will help shape the final platform design.
