The Central Bank of Kenya (CBK) has awarded Stripe’s acquisition and subsidiary business, Paystack with a payment service provider (PSP) license. This license will allow the Nigerian-founded company to facilitate payments and provide fascinating merchant experiences for businesses in Kenya. Paystack’s PSP license comes on the heels of its expansion into the East African country and the launch of its private beta launch.
Paystack’s PSP license came at a time when Kenya’s top watchdog has been showing extra caution with issuing payment licenses to fintech present in the country. Just months ago, the apex bank flagged down two fintech unicorns; Flutterwave and Chipper Cash, from the Kenyan market. The Central Bank of Kenya insisted that these two fintech companies were not licensed to operate in the country. Since then, only a number of startups have received licenses. So, we could count this as a big win for Paystack…
The newly-received license will give Paystack the permission to process payments in Kenyan shillings and USD, enable merchants to gain more control over their businesses via its merchant app, and provide no-code commerce tools that’ll help businesses in their operations.
In a blog post announcing the license, Paystack said that “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! 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 authorization required to operate in full compliance with regulations.”
Via the blog post, the company also announced the launch of its Kenya Private Beta. “As a result of this good news, we’re excited to announce the launch of our Kenya Private Beta! We’ll 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. Apply here to be a part of the private beta!” it wrote.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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