Paystack has joined the group of service providers who have received a license to conduct payments business in Kenya.
The Stripe business bought back in 2020 stated that the Central Bank of Kenya had given it permission to function as a Payment Service Provider in Kenya.
Paystack’s Product Manager in Kenya, Vikaran Ubhi said, “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.’’
Following South Africa, Ghana, and Nigeria, Kenya is now the fourth African nation represented by Paystack.
‘’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 authorisation required to operate in full compliance with regulations.’’ Vikaran added.
The payments company additionally unveiled the beginning of its Kenya Private Beta program at the same time. The startup said it will collaborate with a small initial group of companies to develop a faster, more dependable, and truly enjoyable payment experience in Kenya.
Paystack’s license will allow Kenyan businesses to accept one-time and automated recurring card payments, as well as payments from clients using a variety of regional and international payment methods, such as M-Pesa, Card payments (Visa, Mastercard, American Express), and Apple Pay.
With the new license, businesses in Kenya can now utilize Paystack to accept one-time as well as automated recurring card payments, collect payments from clients through a variety of local and international payment channels, including M-Pesa, Card payments (Visa, Mastercard, American Express), and Apple Pay, among other advantages.