Kenya has always had its foot forward in mobile payments, with M-Pesa reimagining how financial transactions are done across the country. Now, decentralized financial (DeFi) platforms are taking it to the next era, using blockchain technology to enable faster, cheaper, and borderless payments.
Swypt, a next-generation Web3 payments platform, has integrated cKES (Celo Kenya Shilling), Kenya’s first stablecoin pegged 1:1 to the local currency. This integration is set to remake how businesses, freelancers, and individuals transact, both locally and globally.
To dive deeper into this game-changing development, Chasing Mavericks (CM) spoke with the Swypt team about their vision, the challenges of stablecoin adoption in Kenya, and the future of digital payments.
CM: Swypt is pioneering stablecoin adoption in Kenya. What inspired you to create this platform?
Swypt Team: The idea for Swypt was born out of frustration with existing crypto payment methods. Back in 2023, I was actively trading and using crypto, but I noticed that many people—especially freelancers and business owners—struggled with slow, expensive, and unreliable P2P transactions.
Imagine this: You’re a freelancer in Nairobi, working with a client in Europe. You receive payment in crypto, but then you have to go through multiple intermediaries, pay high fees, and wait days just to cash out in Kenyan Shillings. That process is broken.
Swypt was built to fix this—by making stablecoins as easy to use as M-Pesa, but with lower costs and greater financial control.
CM: What makes cKES a game-changer for payments in Kenya?
Swypt Team: Unlike other cryptocurrencies, cKES is pegged 1:1 to the Kenyan Shilling, which means it is ideal for everyday transactions.
With cKES on Swypt, users can:
- ✅ Buy stablecoins instantly with M-Pesa
- ✅ Spend them at retail stores and businesses
- ✅ Send and receive cKES between peers—instantly
- ✅ Make global payments without expensive fees
The best part? Users save up to 90% on transaction costs compared to traditional payment solutions.
CM: Adoption is a major hurdle for any new payment system. How has Swypt tackled this challenge?
Swypt Team: Great question! We knew from the start that crypto adoption wouldn’t happen overnight —so we focused on a strategic rollout targeting SMEs, gig workers, and online merchants.
Since our launch in October 2024, we’ve processed:
- 📌 700+ transactions
- 📌 Over Ksh 10 million in payments
- 📌 An average transaction size of Ksh 4,000
- 📌 80+ merchants on boarded across 10 cities
Merchants, especially small businesses and online sellers, have been quick to adopt cKES because it cuts down transaction fees, speeds up settlements, and gives them full control over their funds.
CM: How does Swypt compare to M-Pesa and traditional banking solutions?
Swypt Team: M-Pesa is revolutionary, but it still has high transaction fees, geographical limitations, and reliance on intermediaries.
Swypt enhances what M-Pesa started by introducing:
- 🔹 Lower transaction fees (90% cheaper than banks & mobile wallets)
- 🔹 Instant peer-to-peer payments (no bank delays)
- 🔹 Global transactions without expensive remittance costs
- 🔹 Self-custody (users control their funds—no bank restrictions)
It’s like M-Pesa—but faster, cheaper, and borderless.
CM: Many people associate crypto with speculation. How do you convince them that crypto is different?
Swypt Team: That’s one of the biggest challenges! Many Kenyans think of crypto as volatile and risky, but stablecoins like cKES, USDT are different.
- 🔹 No speculation – cKES is pegged 1:1 to the Kenyan Shilling, so its value is always stable.
- 🔹 Designed for payments– Unlike Bitcoin, which is seen as an investment, cKES is built for everyday transactions.
- 🔹 Regulatory engagement – We’re working closely with industry players and policymakers to ensure stablecoins are compliant and accessible.
This is about financial inclusion, not speculation.
CM: What has been the biggest challenge so far?
Swypt Team:Education and trust.Many businesses still don’t fully understand how stablecoins work or why they should switch from traditional payments.
That’s why we’re:
- ✅ Running workshops with freelancers, SMEs, and Web3 communities
- ✅ Partnering with industry players like ICP Hub Kenya, EthSafari, and Kiboko DAO
- ✅ Building trust through transparency—all cKES transactions are recorded on the blockchain
Adoption is growing, but changing financial habits takes time.
CM: What’s next for Swypt?
Swypt Team: Our goal is to make Swypt the go-to payment solution for digital transactions in Africa*. Over the next year, we plan to:
- 📌 Expand to more cities across Kenya
- 📌 Onboard 500+ merchants
- 📌 Integrate cKES into major e-commerce platforms
- 📌 Launch educational programs on stablecoin payments
The long-term vision? Enabling millions of Africans to transact freely without borders, high fees, or financial restrictions.
CM: What message do you have for businesses and freelancers considering Swypt?
Swypt Team:Don’t wait for the future—start using it today.
Swypt and cKES aren’t just an alternative to traditional payments—they’re a better solution. Lower costs, faster transactions, and full financial control.
If you’re a merchant, freelancer, or business owner struggling with high fees and slow payments, now is the time to make the switch.
Final Thoughts from CM
As our conversation with the Swypt team wrapped up, one thing was clear: Kenya’s financial landscape is changing fast.
With cKES and Swypt, the future of digital transactions isn’t just about crypto—it’s about empowering businesses and individuals with better, fairer, and more efficient payment solutions.
Kenya led the world with M-Pesa. Now, Decentralized Finance ( DeFI) platforms are pushing the boundaries even further. The question is how long will it take off for mass adoption so that the vision of cheaper, faster ,and accessible financial transactions can be achieved worldwide.