Nigerian fintech Paystack has obtained a payment service provider license (PSP) from the Central Bank of Kenya (CBK) to operate in the country. Kenya’s apex bank has proven to be stringent and as we saw in the case of Flutterwave, it does not waste time in kicking out defaulting financial service providers.
With the license, the Stripe-acquired company can facilitate payments and optimise merchant experience for the country’s businesses, TechCabal says.
In preparation for its operating license, Paystack had already done a beta product launch in Kenya as it expanded its offerings into the region.
“We’re thrilled to announce that Paystack has received a Payment Service Provider Authorisation from the Central Bank of Kenya, which permits us to provide payment services to businesses operating in Kenya!,” the company said in a statement.
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It plans to give locals a platform where they can process payments in USD and Kenyan shillings as well as build commerce tools that do not require expert knowledge of programming.
“In every country in which we operate, Paystack strives to build fast, secure, and reliable payment services for businesses and customers. In Kenya – our fourth country where we operate locally, after South Africa, Ghana, and Nigeria – we’re thankful to receive the authorisation required to operate in full compliance with regulations,” it further said.
Paystack joins a marketplace that is quite competitive due to high regulation and it faces competition from Virtual Pay, a local payment service.
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