DPO Group Kenya has received the official approval from the Central Bank of Kenya to operate as a Payment Service Provider (PSP) in the country. This makes the African digital payments provider the second PSP to get the node by CBK this year after Cellulant received its license in February this year.
The National Payment System Act requires all PSPs to undergo a rigorous license application process before providing payment services in Kenya. We have seen the likes of Flutterwave and Chipper Cash make headlines because the Central Bank of Kenya revealed that they are not allowed to operate in the country.
Founded in Kenya, DPO Group has been operating successfully throughout Africa since 2006. The Group has said that it has worked closely with regulators across the continent to acquire new licenses and certifications as requirements have changed in each country to ensure secure and uninterrupted services for its merchants and partners.
“We exist to help businesses of all sizes thrive by linking them with local, regional and global business opportunities. To do this, it’s essential we stay on top of evolving regulatory demands and ensure we comply with them. Our merchants expect quick and easy payments. Thanks to the support and help of regulators like the Central Bank of Kenya, we can comply with the local regulatory requirements which further validate the quality reliability and security of our payments service.” DPO Group Chairman & co-founder Offer Gat said.
DPO Group has developed integrated payments technology to support businesses of all sizes in over 20 countries and accepts payments securely and swiftly in all currencies and through many payment methods including cards, mobile money, bank transfers, USSD, and EFT.
The Central Bank of Kenya also gave a license to Virtual Pay International three weeks ago. Flutterwave continues to wait for CBK to grant it its license to operate as a PSP in Kenya.
Flutterwave said that it applied for a license to operate as a payment service provider in 2019 but it’s yet to receive it from the Central Bank of Kenya (CBK). The fintech also clarified that it operates in the Kenyan market ‘through partnerships with banks and mobile network operators licensed by the CBK.’