Payless Africa, a Nairobi-based fintech and neobank founded in 2024, is making bold moves to secure a foothold in Kenya’s competitive fintech market. Known for its aggressive marketing tactics, including billboards and social media campaigns, Payless is targeting Generation Z, aiming to offer a seamless blend of digital wallet services, savings tools, and financial literacy content.
Operating under the regulatory cover of Webtribe (Jambopay), Payless bypasses the direct licensing hurdles from the Central Bank of Kenya but faces dependency risks linked to regulatory issues at Webtribe. The company is currently establishing partnerships with undisclosed local and regional banks to introduce a range of financial services within its app, focusing on savings, investments, insurance, and international money transfers.
Primarily, Payless generates revenue through transaction fees but offers free peer-to-peer transactions under certain conditions to encourage user engagement. While these operations aim to attract new users and foster customer loyalty, sustainability in generating profits remains a challenge. The company plans to diversify its revenue streams through future offerings such as merchant products and digital marketplaces.
Aiming to scale, Payless, which has reached over 500,000 app downloads and facilitated $20 million in transactions, plans to seek venture capital funding in 2025. However, as global investor interest in neobanks cools, Payless will need to demonstrate a clear path to profitability to secure financing. The company’s growth will be closely tied to its ability to navigate strict regulatory requirements and the competitive landscape dominated by established players like M-PESA.
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