Swypt, a leading digital payments platform, is excited to announce the integration of cKES, Kenya’s first decentralized stablecoin on Mento pegged 1:1 to the Kenyan Shilling. This groundbreaking integration allows users to seamlessly purchase, spend, and transfer cKES across Swypt’s extensive merchant and peer network.
Founded in May 2023 in Nairobi, Kenya, by Davis Thoyah, Swypt was created to address the challenges of slow and risky P2P crypto trading. Frustrated by high risks and inefficiencies, the Swypt team developed a secure, fast, and cost-effective alternative. Swypt’s first prototype debuted at ETHSafari 2023, followed by its launch in June 2024. Since then, the platform has expanded significantly, introducing several key products:
- Swypt Dapp – The primary user-facing application for buying and spending stable assets.
- Swypt Merchant – A platform for SMEs and traders to accept stablecoin payments and launch online stores.
- Checkout SDK – A solution for enterprises looking to integrate Swypt APIs for their own use cases.
- Swypt Liquidity Dashboard – A tool for enterprise liquidity providers to manage and supply liquidity on Swypt.
A New Era for Digital Payments in Kenya
Swypt is revolutionizing financial transactions in Kenya by enabling users to buy cKES with M-Pesa, spend it at retail outlets, and send funds to other users, including those on M-Pesa. The platform also facilitates cross-border payments, allowing Kenyans to transact globally with minimal costs.
Key Benefits for Users
- Ultra-Low Transaction Fees – Users save over 90% in transaction costs compared to traditional payment methods, thanks to Swypt’s infrastructure on the Celo blockchain.
- Borderless Transactions – Seamless payments across Africa and beyond.
- Self-Custody & Security – Users retain 100% control over their funds without intermediaries.
Swypt’s Expanding Reach
Swypt is currently live in Kenya and serves a growing network of 80+ merchants, processing over 40,000 daily transactions across 10 major cities, including Nairobi, Mombasa, and Kisumu. The platform is particularly valuable for SMEs, gig workers, and eCommerce traders, providing them with a fast, affordable, and borderless payment solution.
“Swypt’s integration with cKES is transforming African commerce by reducing transaction costs for both retail and enterprise businesses while streamlining intra-Africa and global trade,” said Michael Kazungu, Ecosystem Manager at Swypt.
Get Started with Swypt
The Swypt application will be live from February 11, 2025. Users can instantly access cKES and other stablecoins like cUSD, USDT and USDC to make purchases, remit funds, and unlock the future of digital payments in Kenya.
