Kenya's Virtual Pay Gets Licence From CBK

Kenya's Virtual Pay Gets Licence From CBK

Virtual Pay International Limited, financial technology and payment firm in Kenya has just announced that it has received a Payment Service Provider (PSP) licence from the Central Bank Of Kenya, to operate Payment Gateway Services in the East African nation.

This is as directed by the National Payment System (NPS) Act, of 2011 and the NPS regulations of 2014. This acts mandates payments firms in Kenya to request authorization before they begin to conduct payment services in the nation. Although it has been discovered that the reverse has been the case.

Virtual Pay is one of the few companies in Kenya that have been able to acquire this licence.

Recently, it became obvious that a lot of fintech organizations in Kenya do not have an operating licence from the country, among them is Flutterwave. The Nigerian-owned unicorn had stated that it had applied for the licence years ago but was not yet granted by the CBK. The government organization has not responded to the claim nor given a reason for the delay in approval. Chipper fintech is also one of the organizations that have not received its licence to operate, yet it operates in Kenya.

Virtual Pay, founded in 2019, says it is expected to partner with all related players, which includes card schemes, banks and other financial institutions. In its opinion, the collaborations will in due course enable it to increase its operations for the benefit of both parties.

The approved licence allows Virtual Pay to provide its payment processing services to local and International merchants.

According to says David Morema, Virtual Pay Group CEO. “We are humbled by the approval from the Central Bank, to offer our services to the Citizens of Kenya, and the global economy at large. We understand the importance of this license, and the regulatory and compliance expectations from the CBK. We shall continue to steadfastly adhere to all regulations and compliance directives while offering innovative, exciting, and state-of-the-art services to all our partners”.