The Central Bank of Kenya (CBK) has granted Virtual Pay International Limited a license by to operate as a payment services provider in Kenya.
The license allows Virtual Pay to offer its payment processing services to merchants, local and international in the country.
The firm’s approval is set to up competition in the fast-growing payment services sector.
“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,” said Virtual Pay Group Chief Executive David Morema.
This comes just weeks after the firm extended its regional footprint by launching in Tanzania.
The Bank of Tanzania granted the global payment solutions provider a licence to operate in East Africa’s second-largest economy.
The company also has a presence in Mauritius and the United Arab Emirates (UAE), operating across a range of industries, including financial services, online retail and trading, hospitality and travel.
Mr Morema said their entry into Tanzania gives the company a platform to continue its growth trajectory even as it eyes a larger share of the global payments market
“We at Virtual Pay strive to be one of the world’s leading global payment technology companies,” Mr Morema said, adding that they would do so by “providing cutting-edge payments solutions”.
Virtual Pay Tanzania managing director Miriam Nghwani affirmed the importance of synergies between players in the online payments processing space.
“The conversation into the future will be driven by all actors within the payments ecosystem, such as banks, card issuers, merchants and government.”
Tanzania’s Information and Communication Technology Commission’s Director-General Nkundwe Moses Mwasaga said the company’s entry into the country would help drive the creation of jobs and business opportunities.