CBK grants digital payments provider DPO Group a PSP license to operate in Kenya
African digital payments provider DPO Group Kenya has received official approval from the Central Bank of Kenya to operate as a Payment Service Provider (PSP) in the country.
The National Payment System Act requires all PSPs to undergo a rigorous license application process in order to provide payment services in Kenya.
Founded in Kenya, DPO Group has been operating successfully throughout Africa since 2006. The Group says it has worked closely with regulators across the continent to acquire new licenses and certifications as requirements have changed in each country to ensure secure and uninterrupted services for its merchants and partners.
“We exist to help businesses of all sizes thrive by linking them with local, regional and global business opportunities. To do this, it’s essential we stay on top of evolving regulatory demands and ensure we comply with them. Our merchants expect quick and easy payments. Thanks to the support and help of regulators like the Central Bank of Kenya, we can comply with the local regulatory requirements which further validate the quality reliability and security of our payments service.” DPO Group Chairman & co-founder Offer Gat says.
DPO Group has developed integrated payments technology to support businesses of all sizes in over 20 countries and accepts payments securely and swiftly in all currencies and through many payment methods including cards, mobile money, bank transfers, USSD, and EFT.
This is the second license CBK is issuing to payment providers in the country this year. Cellulant received the approval in February this year while Virtual Pay International Limited was granted one three weeks ago. The issuance also comes just weeks after CBK revealed that African fintech companies Flutterwave and Chipper Cash were not licensed to operate as Payment Service Providers (PSP) in Kenya.
Responding to these accusations, Flutterwave said that it applied for a license to operate as a payment service provider in 2019 but it’s yet to receive it from the Central Bank of Kenya (CBK). The fintech also clarified that it operates in the Kenyan market “through partnerships with banks and mobile network operators licensed by the CBK.”
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