iPay Receives CBK Nod As Payment Service Provider

Financial services firm iPay has been authorised by the Central Bank of Kenya (CBK) as a payment service provider.

Payment Service Providers (PSPs) are third-party companies that enable business owners to accept a variety of online payment methods, like online banking, credit cards, debit cards, e-wallets, cash cards, and more.

According to iPay, its mission is to enable merchants to receive payments quickly and intelligently and enable tracking and harnessing of information to speak into decision making. It incorporates VISA, Mastercard, M-PESA, Airtel Money & eLipa wallet. The firm operates in six Sub-Saharan countries including Kenya, Uganda, Tanzania, Rwanda, DR Congo and Togo.

The growing value of eCommerce in Kenya and Africa at large has seen an increase in governments’ approval of PSPs to support the sector. In August, electronic payments firm Pesapal got accredited by CBK as a payments solutions provider, while in Tanzania, it received a service licence.

Kenya’s eCommerce revenue was projected to hit $1.5 billion in 2021. It ranked number 88th in fastest-growing e-commerce economies worldwide according to the 2020 UNCTAD B2C Commerce Index. It ranked 4th Sub Saharan Africa country behind Mauritius, South Africa and Nigeria.