Paystack Arrives in Kenya After Bagging Payments License from CBK

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The last couple of months have seen the CBK provide licenses to two companies to operate as Payment Service Providers (PSP).

The first one was Virtual Pay International Limited, which received the document in July.

Days later, DPO Group also received official approval from the Central Bank of Kenya to operate as a PSP.

Today, Paystack, a payments firm that was acquired by Stripe back in 2020, has revealed that it has received the same license to run payments services in Kenya.

“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,” says Paystack.

At the same time, Paystack has announced a private beta of its product in the country. This means that the company will work with an initial group of businesses ‘to refine the platform in Kenya, implement feedback, and ensure that it builds a fast and reliable payment experience.’

Interested parties who want to be part of the Kenya Private Beta can register here.

Use cases

Businesses in Kenya can now expect to accept both one-time as well as automated recurring card payments, as well as collect payments from customers through several local and global payment channels, including M-PESA, Card payments (Visa, Mastercard, American Express), and Apple Pay.

Paystack will also allow payments to be settled both in KES and USD.

Paystack has a merchant app that can also be used to monitor business operations on the go.

Also, businesses can integrate additional services for their products including inventory plugins, which are essential in collecting payments through global tools such as Wix and Shopify.

Paystack has since selected a team to run the Kenya operations.

It is also available in South Africa, Ghana, and Nigeria.

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Kenn Abuya is a friend of technology, with bias in enterprise and mobile tech. Share your thoughts, tips and hate mail at [email protected]