5th-Dec-2025 • Reddington Onyango • Business Payments Platforms
Small and Medium Enterprises (SMEs) in Kenya are on the rise, and with this growth comes a need for efficient and secure payment solutions. Traditional methods such as cash and cheques can be time-consuming and prone to errors, causing unnecessary hassles and delays. However, the digital revolution has brought about the emergence of Business Payments Platforms, transforming the way SMEs handle transactions.
These platforms offer a multitude of benefits that cater specifically to small businesses. For instance, they provide faster transaction speeds, reducing waiting times for both parties involved. Additionally, they offer increased security measures, minimizing the risk of fraud and errors.
One prime example is Lipabiz Technologies Ltd's business management platform. This all-in-one solution offers a payments feature that allows businesses to send and receive payments seamlessly. With Lipabiz, SMEs can manage their finances more effectively, enabling them to focus on growing their businesses rather than worrying about payment logistics.
According to a report by the Central Bank of Kenya, digital payments accounted for 87.6% of total transactions in 2019. This trend is expected to continue, with digital platforms becoming even more prevalent in the Kenyan business landscape.
When selecting a Business Payments Platform, it's crucial to consider factors such as ease of use, security, and integration with other business tools. It's also essential to choose a platform that offers competitive fees and has a wide network of partners for seamless transactions.
As technology continues to advance, Business Payments Platforms will become increasingly sophisticated. This evolution promises to bring even more benefits to SMEs in Kenya, making it easier than ever before to manage finances and grow businesses.