The Central Bank of Kenya has granted Virtual Pay International Limited authorization as a Payment Service Provider (PSP) to carry out Payment Gateway Services in the country. According to this article on ‘The East African’ when the company expanded presence to Tanzania, Virtual Pay entered Kenya in 2020.
It seems they’re only getting a license right now from the Central Bank. Something we’ve recently noticed a couple of fintechs – namely, Flutterwave and Chipper Cash – haven’t yet received.
The license will now allow the company, in accordance with the National Payment System (NPS) Act, 2011, NPS Regulations 2014, to offer its payment processing services to merchants, local and international.
The article mentioned above from ‘The East African’ says Virtual Pay operates across a range of industries, including financial services, online retail and trading, hospitality and travel. The fintech says it has presence in Kenya, Dubai, Rwanda, Tanzania, Uganda, Nigeria, South Africa, Ghana, and Zambia.
Virtual Pay Group CEO David Morema says of the license, ”We are humbled by the approval from the Central Bank of Kenya, 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.”