DPO Group Kenya Joins Virtual Pay, Secures CBK Payment Licence
DPO Group a payment processing fintech in Kenya has received authorized approval from the Central Bank Of Kenya (CBK), granting it the licence to now operate as a Payment Service Provider (PSP), serving consumers in the country.
DPO becomes the second startup reported to have received the same type of licence after it had come to light that the CBK had allegedly delayed granting fintech startups licence. Virtual Pay International was the first fintech to have received the licence a few weeks ago
According to Kenya’s National Payment System Act, it is required that all PSPs should go through a stringent application process to acquire a practising licence to be able to procure payment services in the East African Nation.
DPO was co-founded by recently retired CEO, Eran Feinstein in 2006, the organization has since operated across Africa actively providing its services.
The organization has continuously worked together with regulators across Africa in other to access licences and certifications in each country which often varies by nation. DOP has continually done this so as to offer both merchants and partners uninterrupted services.
Offer Gat, Co-founder and Group Chairman, gave insight into the organisation’s activity, stating, “We exist to help businesses of all sizes thrive by linking them with local, regional and global business opportunities. To do this, it’s essential we stay on top of evolving regulatory demands and ensure we comply with them. Our merchants expect quick and easy payments, and thanks to the support and help of regulators like the Central Bank of Kenya, we are able to comply with the local regulatory requirements which further validate the quality reliability and security of our payments service.”
Since its inception, DPO Group has generated an integrated payment service enabled by technology, to assist all forms of businesses in about Twenty countries and to process payments in various currencies, through different payment methods, including cards, USSD, bank transfers and even digital currencies.
CBK & Licence Approval
In recent times, it was revealed that a considerable amount of fintech organizations in Kenya do not possess the licence to operate in the nation. This includes unicorn fintech Flutterwave, although the Lagos-based fintech stated that it had previously applied for the license years ago, the CBK was yet to have given approval. This was revealed during a series of investigations that Flutterwave is currently compelled to go through due to an alleged money laundering case brought up against the fintech.
It was also discovered that another Unicorn startup, Chipper Cash, was yet to have received licence approval before it began operations in Kenya in 2019.