Payd to Restart Services After FX Losses Disruption

Payd, a Kenyan payments startup founded in 2023 by Benaiah Wepundi, plans to resume its services on September 18 after experiencing foreign exchange (FX) losses that disrupted customer payouts. The company had to pause payouts around May due to insufficient funds to meet customer balances and is overhauling its treasury system.

Payd enables freelancers, contractors, and businesses to receive international payments and convert them into local currencies, serving approximately 30,000 users across Kenya, Nigeria, South Africa, and Senegal as of February. The company faced criticism from customers for its lack of communication during the service disruption, which left many unable to complete transfers.

Wepundi stated that users will be able to track their existing balances and select accounts for settlements upon the restart. Payd's monthly payment volume surged from about $500,000 in September 2025 to over $3 million in April and May 2026, but its rapid growth revealed weaknesses in its treasury controls, leading to a reduction in the number of currencies it supports.