The Central Bank of Kenya (CBK) has granted Virtual Pay International Limited a license to operate as a Payment Service Provider (PSP) in the country.
The fintech will now be allowed to provide payment processing services to customers in the local and international market.
“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,” said David Morema, Virtual Pay’s, Group CEO.
“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”
Virtual Pay International Limited has a presence in Tanzania, Mauritius and the UAE where it offers its services across a range of industries. It has also partnered with business gents and merchants all over the world to help deliver simplified and faster international payment processes for clients.
The firm will now be able to to carry out Payment Gateway Services in compliance with the National Payment System (NPS) Act, 2011, NPS Regulations 2014.
Kenya has attracted several players in the payment services sector, promising consumers improved services various industries.