PayU Kenya Enters Liquidation After Struggling to Gain Traction in Competitive Fintech Market
- PayU Kenya Ltd. has entered liquidation after six years of operation.
- The company appointed Sonal Tejpal as the liquidator to wind up its operations.
- PayU launched in Nairobi in February 2019, aiming to expand into Tanzania, Uganda, and Rwanda.
The liquidation of PayU Kenya serves as a cautionary tale for global fintech companies looking to enter the African market. It underscores the importance of understanding local dynamics, regulatory challenges, and the competitive landscape before making significant investments.
