Fintech surpasses Sh20b in cross-border transfers as demand for faster digital payments surges

Upesi crosses the Sh20 billion mark as demand for faster, safer and more convenient cross-border digital payments grows. [iStockphoto]

Digital money transfer services firm Upesi have surpassed Sh20 billion in cumulative cross-border transaction value, as individuals and businesses increasingly seek faster, more convenient, and secure ways to move money across borders.

Established in 2015 and licensed in 2016, the firm now serves more than 3,000 customers, facilitating transfers from Kenya to destinations across Africa, the Middle East, Europe, Asia, the United States and other international markets.

“People are sending hard-earned money, paying suppliers, supporting families and meeting important obligations across borders. They need a service that is not only fast, but one they can trust. Upesi combines technology, regulatory compliance, strong partnerships and customer support to make cross-border transfers simpler and give our customers greater confidence whenever they transact,” said Mary Wachira, Lead Business Development at Upesi Money Transfer.

The platform also offers multiple payment and payout options and provides digital transaction records. The Sh20 billion milestone comes as cross-border financial flows continue to play an important role in Kenya's economy.

According to a 2025 survey by the Kenya National Bureau of Statistics and the Central Bank of Kenya, Kenyan households received an estimated Sh931.8 billion in remittances from abroad between June 2024 and May 2025, while Kenyan residents sent Sh40.5 billion abroad during the same period.

These flows extend beyond family remittances, with money moving across Kenya’s borders every year to finance international trade, pay suppliers, meet education and travel expenses, support families, fund investments and meet other personal and business needs.

Kenya's merchandise trade deficit stood at approximately Sh1.38 trillion in 2025, reflecting the scale of payments associated with imports and international commerce.

For individuals and businesses, the ability to move money efficiently across borders is therefore becoming increasingly important.

Upesi, which is regulated by the Central Bank of Kenya and operates under applicable regulatory frameworks in Uganda and Canada, provides a digital channel for cross-border transactions, enabling customers to initiate transfers remotely while giving them clear visibility of fees, recipient amounts and transaction records.

Its platform incorporates multi-factor authentication, including one-time passwords, anti-money laundering controls, transaction monitoring and data protection measures to support secure and compliant transactions.

The growth of digital money transfers comes against a backdrop of concerns about the movement of physical cash across borders.

A Central Bank of Kenya survey on the cross-border movement of cash identified challenges including the difficulty of tracing physical cash, weaknesses in cross-border controls and limited technological solutions for monitoring financial activity.

The report called for stronger use of technology, including artificial intelligence and machine learning, to identify unusual transaction patterns and strengthen monitoring of cross-border financial flows.

The findings underline the growing importance of digital payment systems that can provide greater visibility, traceability and control while making legitimate cross-border transactions easier for customers.

“We believe the future of international money transfers is about making cross-border payments as simple, fast and accessible as sending money locally, while maintaining the security, transparency and regulatory controls that give customers confidence,” Ms Wachira said.