Paystack secures PSP licence from Kenya's Central Bank, announces beta launch
Getting licensed in Kenya might have been a challenge for Nigerian startups such as Flutterwave and Chippercash but, to ease its operations in the new market and ensure its spread across different regions across Africa, Nigerian payments company, Paystack has announced it has secured a Payments Service Provider (PSP) licence from the Central Bank of Kenya (CBK) to operate in Kenya.
Emphasising the importance of engaging stakeholders especially the government, Paystack has been at the forefront of securing operating licences in different countries before it commences its services. Recently, it expanded to Ghana after securing a PSP licence from the Bank of Ghana.
“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,” a statement by the company highlighted.
The PSP licence will enable access to the varied products by Paystack which includes one-time and automated recurring card payments, several local and global payment channels options such as M-Pesa, Card payments (Visa, Mastercard, American Express), and Apple Pay. Businesses can also get settled in Kenyan Shillings and USD.
The company, which was acquired by Stripe in 2020 also announced its private beta. After its final release testing, businesses can utilise tools not limited to Paystack’s Developer Documentation to build custom payment experiences and its no-code Commerce tools (Payment Pages, Storefronts) to bring ideas to market beautifully.
“We will work with an initial group of businesses to refine our platform in Kenya, implement feedback, and ensure that we build a fast, reliable, truly delightful payment experience.”
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