Nigerian fintech company Paystack, that got acquired by Stripe, has secured a payment service provider license from the Central Bank of Kenya (CBK), enabling it to facilitate payments and optimize merchant experience for Kenyan businesses. This development follows the company’s expansion into Kenya and a launch of its private beta test in the country. The company is now present in Kenya, Nigeria, South Africa, and Ghana.
Paystack was granted its payment service provider license despite the country’s apex bank showing conspicuous prudence in allocating payment licenses to fintechs operating in the country. Three months ago, the CBK edged out two fintech unicorns—Flutterwave and Chipper Cash—from the Kenyan market, maintaining that they were not licensed to operate in the East African country. Only a handful of startups have received licenses since then, including the country’s own Virtual Pay.
Paystack’s new license and authorisation will enable them to help Kenyan businesses accept one-time and automated recurring card payments, process payments in Kenyan shillings and USD, provide no-code commerce tools—Payment Pages, Storefronts—to track and enable merchants more control of their businesses through the Paystack Merchant App. The new licence will also enable Kenyan businesses to collect payments via local and global channels like M-Pesa, Apple Pay, and Card payments (Visa, Mastercard, American Express). The company also claims that businesses can use the Paystack Developer Documentation to create custom payment experiences, and they can integrate with Paystack’s plugin library to collect payments via tools like Shopify, WooCommerce, and Wix.
“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!” the company said in a post.
“In every country in which we operate, Paystack strives to build fast, secure, and reliable payment services for businesses and customers. In Kenya – our fourth country where we operate locally, after South Africa, Ghana, and Nigeria – we’re thankful to receive the authorisation required to operate in full compliance with regulations,” it added.
With an army of talented developers behind it, Paystack is gunning to be the leading fintech company helping African businesses to “become profitable, envied, and loved.” The expansion to Kenya is a positive move to help the company achieve its goals.