Swypt, a decentralized finance platform, has taken a significant step in Kenya’s fintech landscape by integrating cKES, the country’s first decentralized stablecoin.

This move is part of a growing trend in Kenya, where stablecoins are being explored as an alternative to traditional mobile money and banking systems.

Swypt’s integration of cKES enables users to make cross-border transactions, addressing the need for faster and more affordable payment options in a growing crypto-savvy market.

The platform, founded by Davis Thoyah in May 2023, offers a suite of payment solutions, including stablecoin transactions and SME payments, to enhance accessibility and efficiency in the digital payments ecosystem.

However, Swypt’s growth may be influenced by Kenya’s evolving regulatory frameworks. The National Treasury’s proposed Virtual Asset Service Providers Bill (2025) aims to regulate cryptocurrency firms, requiring them to establish local offices and appoint executives subject to regulatory approval.

Additionally, the Finance Act of 2023 introduced a 3% tax on income generated from the sale of digital assets, including cryptocurrencies and non-fungible tokens (NFTs).

While these regulations may create new operational hurdles for companies like Swypt, they also signal the Kenyan government’s intent to incorporate digital assets into its formal tax framework.

Swypt’s success will rely on navigating this evolving regulatory landscape, achieving merchant adoption, and convincing Kenyan users of cKES’s viability as an alternative to traditional mobile money services.