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CBK grants Virtual Pay International a PSP License to operate in Kenya

August 9, 2022

The Central Bank of Kenya (CBK) has licensed Virtual Pay International Limited a license to operate as a Payment Service Provider (PSP) in the country.

This license allows Virtual Pay to offer its payment processing services to merchants, local and international. The company says in a statement that its objective is to play a pivotal role in the growth of the financial sector, contributing to the growth of the economy at large.

The fintech plans to collaborate with all sector players in the market, namely, banks, non-bank financial institutions, major card schemes etc., to ensure that we are able to scale our operations for the benefit of all stakeholders.

“We are humbled by the approval from the Central Bank, to offer our services to the Citizens of Kenya, and the global economy at large. 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” says David Morema, Virtual Pay Group CEO.

The company 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 carry out Payment Gateway Services in compliance with the National Payment System (NPS) Act, 2011, NPS Regulations 2014.