Absa Bank Kenya has raised its interim dividend by 150% to a record Ksh0.50 per share despite a 9.8% decline in first-half profit to Ksh10.53 billion.
The firms join Hurupay, which stopped processing cross-border transfers and cryptocurrency transactions in Kenya in July, and PayPal, which suspended services for some local users.
The restrictions come as Kenya faces heightened international scrutiny over illicit financial flows after being placed on the Financial Action Task Force (FATF) grey list in February 2024. Global payment firms face increased compliance costs and regulatory requirements when operating in high-risk markets.
The platforms are widely used by Kenyan freelancers, businesses and families abroad to receive international payments and transfer funds to local bank accounts and M-Pesa wallets.
Other platforms, including Chipper Cash and Binance, have also reported restrictions affecting some Kenyan users.
