Payless Africa launches in Kenya, targets the youth with new payment platform
Payless Africa, the fintech firm building digital financial solutions has launched in Kenya. With its mobile app and digital platforms, the firm offers a comprehensive suite of financial services targeting young people.
From banking and payments to savings and investments, the company said in a statement that it provides convenient and transparent solutions that empower individuals to take control of their financial futures.
“Our vision for Payless Africa is to provide a youth-centric, mobile-first seamless financial services to over 100 million unbanked and underserved youth in Africa, a population that will be 42% of the global youth by 2030,” said Kev Muley, Founder and CEO of Payless Africa.
“We are committed to challenging existing practices in the industry and championing financial empowerment for all individuals and businesses. With Payless Africa, we aim to lead by example and set new standards for integrity and inclusivity in the financial sector.”
With the youth as the core audience of Payless Africa, a recent survey conducted late last year revealed a staggering sentiment among 4 out of 5 individuals aged between 20-30 towards traditional banking. They described it as “uninspiring,” “inefficient,” and “outdated.” The antiquated processes of waiting in queues for routine transactions and enduring lengthy onboarding procedures have become relics of a bygone era, leaving the youth feeling disconnected and underserved by the current financial ecosystem dominated by rigid institutions and telecommunications giants.
“After taking time to sit down in focus groups, conduct research, and gather feedback from the youth, we found solid gaps in the current financial services and banking industry,” said Muley.
”The youth want products that align with their aspirations, cost efficient, transparent, variety, not rigid, and accommodating. Most of the existing solutions are denying the youth the opportunity to transact. We saw an unmet need, quest, hunger for contextual, innovative, and disruptive payments platforms, and we seized it” he added.
Speaking at the launch, Derrick Gakuu, Project Lead at Payless Africa said the company’s mission is to innovate around the needs and wants of the youth, to dismantle the barriers and empower them with a payment platform that aligns with their lifestyle, aspirations, and values.
“Our commitment is unwavering. We believe in breaking down financial barriers and ensuring that every individual has access to opportunities without hindrance,” he said.
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