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.
This follows a similar development by Virtual Pay International Limited, which received the same license from the CBK a couple of weeks ago.
Founded in Kenya, DPO Group has been operating successfully throughout Africa since 2006.
The Group, whose co-founder Eran Feinstein just retired, 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.
DPO Group Chairman & co-founder Offer Gat comments: “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, and thanks to the support and help of regulators like the Central Bank of Kenya, we are able to comply with the local regulatory requirements which further validate the quality reliability and security of our payments service.”
DPO Group has developed integrated payments technology to support businesses of all sizes in over 20 countries and accepts payments in all currencies and through many payment methods including cards, mobile money, bank transfers, USSD, and EFT.
Lately, it has become apparent that many fintech corporations do not have a license to operate in the country. One of them is Flutterwave. The Lagos-based unicorn says it applied for the same license many years ago, but the CBK has not granted it. The reason for the delay has not been given. It has also not been on the right side of regulations following recent controversies that have since eroded its brand.
Another firm that does not have a local license for payments and remittances is Chipper Cash. It ventured into Kenya back in 2019 and has since expanded its operations in other African states. The firm, which is valued at more than 2 million USD, has a local office that serves as a nerve centre for local operations. Its employees work on global products that are offered in other countries, but not in Kenya.
