Paystack a Nigerian modern online payment platform has received the green light from the Central Bank of Kenya to commence operations in Kenya.
The company which was acquired by Stripe back in 2020 has announced that the Central Bank of Kenya (CBK) has authorized it to operate as a Payment Service Provider 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’’ Vikaran Ubhi, Paystack’s Product Manager in Kenya
Kenya now becomes Paystack’s fourth African country after South Africa, Ghana and Nigeria.
‘’In every country in which we operate, Paystack strives to build fast, secure, and reliable payment services for businesses and customers. We’re thankful to receive the authorization required to operate in full compliance with regulations.’’ Vikaran added.
At the same time, the payments firm also announced the launch of its Kenya Private Beta program. The company says it will work with an initial group of businesses to refine its platform in Kenya, implement feedback, and ensure that it builds a fast, reliable, truly delightful payment experience.
With this license, Paystack will enable Kenyan businesses to accept both one-time as well as automated recurring card payments, and collect payments from customers through several local and global payment channels, including M-Pesa, Card payments (Visa, Mastercard, American Express), and Apple Pay.
“We will work with an initial group of businesses to refine our platform in Kenya, implement feedback, and ensure that we build a fast, reliable, truly delightful payment experience,” Vikaran Ubhi, Paystack’s Product Manager in Kenya, added.