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Setting Up Multi-Currency Payments for Kenyan Businesses

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Ogochukwu Enwefah
August 26, 2025
10 min read

Kenyan businesses are increasingly expanding beyond borders to reach global markets. If you run an e-commerce store in Nairobi, a tech startup in Mombasa, or a creative agency in Kisumu, accepting payments in multiple currencies is essential for unlocking international growth.

However, setting up multi-currency payments comes with unique challenges in Kenya; regulatory hurdles, banking limitations, and payment rejections can complicate the process. This guide offers Kenya-specific regulatory and implementation advice to help you navigate these waters, eliminate geographical barriers, and implement effective multi-currency strategies.

Kenya’s digital sector is on a remarkable upward trajectory. With mobile money transactions hitting KES 790 billion ($6 billion) in February 2024 and the African Continental Free Trade Area (AfCFTA) opening new opportunities, businesses need to adapt to a global customer base. Multi-currency payments let you:

  • Reach International Buyers: Accept USD, EUR, or GBP from customers in the US, Europe, or beyond.
  • Boost Conversions: Offer prices in local currencies to reduce buyer hesitation.
  • Stabilize Revenue: Earn in strong currencies to hedge against the Kenyan Shilling’s volatility (e.g., a 40% drop in 2024).

Kenya’s unique financial landscape, dominated by mobile money like M-Pesa and regulated by the Central Bank of Kenya (CBK), requires a tailored approach. 

Let’s explore the setup process.

Kenya-Specific Regulatory Considerations

Before accepting payments in multiple currencies, Kenyan businesses must align with local regulations. Here’s what you need to know:

1. Central Bank of Kenya (CBK) Oversight

The CBK regulates payment systems under the National Payments System (NPS) Act of 2011 and the Central Bank of Kenya Act. Key rules include:

  • Payment Service Provider (PSP) Licensing: If you process payments directly, you may need a PSP license from the CBK. Platforms like Mainstack handle this compliance for you, so you don’t need to register separately.

 

  • Foreign Exchange Limits: Per the CBK Act, exporters can retain foreign currency earnings in local accounts, but transactions exceeding $10,000 equivalent must be reported to the Financial Reporting Centre to combat money laundering (aligned with Kenya’s 2024 FATF grey-list status).

 

  • Currency Movement: Individuals can carry up to KES 500,000 (~$3,800) or $5,000 in foreign currency in/out of Kenya without declaration—relevant for cash-based payouts.

2. Tax Compliance with Kenya Revenue Authority (KRA)

The KRA imposes a Digital Service Tax (DST) of 1.5% on revenue from digital marketplaces, including multi-currency transactions. You must:

  • Register for VAT if your turnover exceeds KES 5 million annually.

 

  • Report foreign earnings and maintain records for audits, especially for USD or EUR transactions.

3. Anti-Money Laundering (AML) Requirements

Under the Proceeds of Crime and Anti-Money Laundering Act, businesses handling international payments must verify customer identities and report suspicious transactions over $10,000. Mainstack’s built-in compliance tools simplify this.

4. Pan-African Payment Systems

Kenya’s adoption of the Pan-African Payments Settlement System (PAPSS) in 2025 allows instant payments in local African currencies (e.g., KES, NGN) without USD conversion. Ensure your payment provider supports PAPSS for intra-African trade.

‍

close-up heap of Kenya shillings

‍

Step-by-Step Implementation with Mainstack

However, there's no need to go through all that stress. Here’s how to set up multi-currency payments in Kenya with ease:

  1. Create Your Mainstack Account: Sign up for free on Mainstack with your email address and verify your account. The process takes less than 5 minutes to complete.
  2. Complete Business Verification: Submit basic business information and verification documents. For most Kenyan businesses, this process is completed within 24 hours.
  3. Set Pricing: Choose currencies and set prices via Mainstack’s dashboard and accept payment in 135+ currencies.
  4. Integrate Payments: Add Mainstack to your site, app, or use payment links for instant multi-currency sales.
  5. Start Accepting Global Payments: Begin sharing your payment links or directing customers to your integrated checkout. Monitor transactions in real-time through your dashboard.

Positioning Your Kenyan Business for Global Success

The ability to process multi-currency payments efficiently is no longer optional for Kenyan businesses with global ambitions, it's a fundamental requirement for success in the international marketplace.

Mainstack is built for Kenyan and African businesses at large. It navigates CBK regulations, and eliminates geographical barriers with low-cost, multi-currency payments. No need for foreign accounts or complex compliance, Mainstack does the heavy lifting, letting you focus on growth.

Setting up multi-currency payments doesn’t have to be a headache for Kenyan businesses. With Mainstack, you can comply with local regulations, break geographical barriers, price strategically, and accept payments in 135+ currencies all from Nairobi or beyond. 

Your journey to global earnings without borders starts HERE. Your global market awaits.

‍

Kenyan businesses are increasingly expanding beyond borders to reach global markets. If you run an e-commerce store in Nairobi, a tech startup in Mombasa, or a creative agency in Kisumu, accepting payments in multiple currencies is essential for unlocking international growth.

However, setting up multi-currency payments comes with unique challenges in Kenya; regulatory hurdles, banking limitations, and payment rejections can complicate the process. This guide offers Kenya-specific regulatory and implementation advice to help you navigate these waters, eliminate geographical barriers, and implement effective multi-currency strategies.

Kenya’s digital sector is on a remarkable upward trajectory. With mobile money transactions hitting KES 790 billion ($6 billion) in February 2024 and the African Continental Free Trade Area (AfCFTA) opening new opportunities, businesses need to adapt to a global customer base. Multi-currency payments let you:

  • Reach International Buyers: Accept USD, EUR, or GBP from customers in the US, Europe, or beyond.
  • Boost Conversions: Offer prices in local currencies to reduce buyer hesitation.
  • Stabilize Revenue: Earn in strong currencies to hedge against the Kenyan Shilling’s volatility (e.g., a 40% drop in 2024).

Kenya’s unique financial landscape, dominated by mobile money like M-Pesa and regulated by the Central Bank of Kenya (CBK), requires a tailored approach. 

Let’s explore the setup process.

Kenya-Specific Regulatory Considerations

Before accepting payments in multiple currencies, Kenyan businesses must align with local regulations. Here’s what you need to know:

1. Central Bank of Kenya (CBK) Oversight

The CBK regulates payment systems under the National Payments System (NPS) Act of 2011 and the Central Bank of Kenya Act. Key rules include:

  • Payment Service Provider (PSP) Licensing: If you process payments directly, you may need a PSP license from the CBK. Platforms like Mainstack handle this compliance for you, so you don’t need to register separately.

 

  • Foreign Exchange Limits: Per the CBK Act, exporters can retain foreign currency earnings in local accounts, but transactions exceeding $10,000 equivalent must be reported to the Financial Reporting Centre to combat money laundering (aligned with Kenya’s 2024 FATF grey-list status).

 

  • Currency Movement: Individuals can carry up to KES 500,000 (~$3,800) or $5,000 in foreign currency in/out of Kenya without declaration—relevant for cash-based payouts.

2. Tax Compliance with Kenya Revenue Authority (KRA)

The KRA imposes a Digital Service Tax (DST) of 1.5% on revenue from digital marketplaces, including multi-currency transactions. You must:

  • Register for VAT if your turnover exceeds KES 5 million annually.

 

  • Report foreign earnings and maintain records for audits, especially for USD or EUR transactions.

3. Anti-Money Laundering (AML) Requirements

Under the Proceeds of Crime and Anti-Money Laundering Act, businesses handling international payments must verify customer identities and report suspicious transactions over $10,000. Mainstack’s built-in compliance tools simplify this.

4. Pan-African Payment Systems

Kenya’s adoption of the Pan-African Payments Settlement System (PAPSS) in 2025 allows instant payments in local African currencies (e.g., KES, NGN) without USD conversion. Ensure your payment provider supports PAPSS for intra-African trade.

‍

close-up heap of Kenya shillings

‍

Step-by-Step Implementation with Mainstack

However, there's no need to go through all that stress. Here’s how to set up multi-currency payments in Kenya with ease:

  1. Create Your Mainstack Account: Sign up for free on Mainstack with your email address and verify your account. The process takes less than 5 minutes to complete.
  2. Complete Business Verification: Submit basic business information and verification documents. For most Kenyan businesses, this process is completed within 24 hours.
  3. Set Pricing: Choose currencies and set prices via Mainstack’s dashboard and accept payment in 135+ currencies.
  4. Integrate Payments: Add Mainstack to your site, app, or use payment links for instant multi-currency sales.
  5. Start Accepting Global Payments: Begin sharing your payment links or directing customers to your integrated checkout. Monitor transactions in real-time through your dashboard.

Positioning Your Kenyan Business for Global Success

The ability to process multi-currency payments efficiently is no longer optional for Kenyan businesses with global ambitions, it's a fundamental requirement for success in the international marketplace.

Mainstack is built for Kenyan and African businesses at large. It navigates CBK regulations, and eliminates geographical barriers with low-cost, multi-currency payments. No need for foreign accounts or complex compliance, Mainstack does the heavy lifting, letting you focus on growth.

Setting up multi-currency payments doesn’t have to be a headache for Kenyan businesses. With Mainstack, you can comply with local regulations, break geographical barriers, price strategically, and accept payments in 135+ currencies all from Nairobi or beyond. 

Your journey to global earnings without borders starts HERE. Your global market awaits.

‍

Sources used:

Featured Image

In-line Image

‍People Daily

Central Bank Kenya

National Payments System

Kenya Anti-MoneyLaundering Act

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Sources last checked on date:
August 26, 2025
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Kenyan businesses are increasingly expanding beyond borders to reach global markets. If you run an e-commerce store in Nairobi, a tech startup in Mombasa, or a creative agency in Kisumu, accepting payments in multiple currencies is essential for unlocking international growth.

However, setting up multi-currency payments comes with unique challenges in Kenya; regulatory hurdles, banking limitations, and payment rejections can complicate the process. This guide offers Kenya-specific regulatory and implementation advice to help you navigate these waters, eliminate geographical barriers, and implement effective multi-currency strategies.

Kenya’s digital sector is on a remarkable upward trajectory. With mobile money transactions hitting KES 790 billion ($6 billion) in February 2024 and the African Continental Free Trade Area (AfCFTA) opening new opportunities, businesses need to adapt to a global customer base. Multi-currency payments let you:

  • Reach International Buyers: Accept USD, EUR, or GBP from customers in the US, Europe, or beyond.
  • Boost Conversions: Offer prices in local currencies to reduce buyer hesitation.
  • Stabilize Revenue: Earn in strong currencies to hedge against the Kenyan Shilling’s volatility (e.g., a 40% drop in 2024).

Kenya’s unique financial landscape, dominated by mobile money like M-Pesa and regulated by the Central Bank of Kenya (CBK), requires a tailored approach. 

Let’s explore the setup process.

Kenya-Specific Regulatory Considerations

Before accepting payments in multiple currencies, Kenyan businesses must align with local regulations. Here’s what you need to know:

1. Central Bank of Kenya (CBK) Oversight

The CBK regulates payment systems under the National Payments System (NPS) Act of 2011 and the Central Bank of Kenya Act. Key rules include:

  • Payment Service Provider (PSP) Licensing: If you process payments directly, you may need a PSP license from the CBK. Platforms like Mainstack handle this compliance for you, so you don’t need to register separately.

 

  • Foreign Exchange Limits: Per the CBK Act, exporters can retain foreign currency earnings in local accounts, but transactions exceeding $10,000 equivalent must be reported to the Financial Reporting Centre to combat money laundering (aligned with Kenya’s 2024 FATF grey-list status).

 

  • Currency Movement: Individuals can carry up to KES 500,000 (~$3,800) or $5,000 in foreign currency in/out of Kenya without declaration—relevant for cash-based payouts.

2. Tax Compliance with Kenya Revenue Authority (KRA)

The KRA imposes a Digital Service Tax (DST) of 1.5% on revenue from digital marketplaces, including multi-currency transactions. You must:

  • Register for VAT if your turnover exceeds KES 5 million annually.

 

  • Report foreign earnings and maintain records for audits, especially for USD or EUR transactions.

3. Anti-Money Laundering (AML) Requirements

Under the Proceeds of Crime and Anti-Money Laundering Act, businesses handling international payments must verify customer identities and report suspicious transactions over $10,000. Mainstack’s built-in compliance tools simplify this.

4. Pan-African Payment Systems

Kenya’s adoption of the Pan-African Payments Settlement System (PAPSS) in 2025 allows instant payments in local African currencies (e.g., KES, NGN) without USD conversion. Ensure your payment provider supports PAPSS for intra-African trade.

‍

close-up heap of Kenya shillings

‍

Step-by-Step Implementation with Mainstack

However, there's no need to go through all that stress. Here’s how to set up multi-currency payments in Kenya with ease:

  1. Create Your Mainstack Account: Sign up for free on Mainstack with your email address and verify your account. The process takes less than 5 minutes to complete.
  2. Complete Business Verification: Submit basic business information and verification documents. For most Kenyan businesses, this process is completed within 24 hours.
  3. Set Pricing: Choose currencies and set prices via Mainstack’s dashboard and accept payment in 135+ currencies.
  4. Integrate Payments: Add Mainstack to your site, app, or use payment links for instant multi-currency sales.
  5. Start Accepting Global Payments: Begin sharing your payment links or directing customers to your integrated checkout. Monitor transactions in real-time through your dashboard.

Positioning Your Kenyan Business for Global Success

The ability to process multi-currency payments efficiently is no longer optional for Kenyan businesses with global ambitions, it's a fundamental requirement for success in the international marketplace.

Mainstack is built for Kenyan and African businesses at large. It navigates CBK regulations, and eliminates geographical barriers with low-cost, multi-currency payments. No need for foreign accounts or complex compliance, Mainstack does the heavy lifting, letting you focus on growth.

Setting up multi-currency payments doesn’t have to be a headache for Kenyan businesses. With Mainstack, you can comply with local regulations, break geographical barriers, price strategically, and accept payments in 135+ currencies all from Nairobi or beyond. 

Your journey to global earnings without borders starts HERE. Your global market awaits.

‍