Kenyan fintech Payd to resume services after FX losses disrupt customer payouts
- Payd paused payouts in May due to foreign exchange losses impacting customer balances.
- The company plans to resume services on September 18, allowing users to track existing balances.
- Payd's monthly payment volume surged from $500,000 to over $3 million in just a few months.
Payd's situation underscores the complexities and risks involved in cross-border payments, particularly in emerging markets. The company's rapid growth highlights the need for robust treasury management and risk assessment strategies. As Payd attempts to rebuild trust and stabilize its operations, it will be crucial for them to implement effective measures to prevent future financial discrepancies.
