• Latest
  • Trending
Kenya’s Central Bank to issue payment licences to Flutterwave, Chipper Cash, others

Kenya’s Central Bank to issue payment licences to Flutterwave, Chipper Cash, others

June 16, 2024
Edtech startup The Invigilator raises $11 million to scale its AI platform

Edtech startup The Invigilator raises $11 million to scale its AI platform

September 6, 2025
iXAfrica receives RMB financing to fast-track 20 MW expansion in Nairobi

iXAfrica receives RMB financing to fast-track 20 MW expansion in Nairobi

September 6, 2025
OpenAI challenges LinkedIn with new AI-powered hiring platform

OpenAI challenges LinkedIn with new AI-powered hiring platform

September 6, 2025
Tanzanian fintech NALA takes its services to Kenya

Tanzanian fintech NALA takes its services to Kenya

September 6, 2025
Call of Duty movie: Paramount, Activision strike deal for live-action adaptation

Call of Duty movie: Paramount, Activision strike deal for live-action adaptation

September 5, 2025
Meta Brings Back Facebook Poke with Emojis and Streaks

Meta Brings Back Facebook Poke with Emojis and Streaks

September 5, 2025
Know why they’re calling: Truecaller launches AI-powered insights

Know why they’re calling: Truecaller launches AI-powered insights

September 5, 2025
Visa harnesses local partnerships to launch Visa Pay in DR Congo

Visa harnesses local partnerships to launch Visa Pay in DR Congo

September 5, 2025
Betika denies recent reports of security breach

Betika denies recent reports of security breach

September 5, 2025
10 things you can actually buy with crypto in Africa

10 things you can actually buy with crypto in Africa

September 5, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Business Fintech

Kenya’s Central Bank to issue payment licences to Flutterwave, Chipper Cash, others

Ibukunoluwa Bankole by Ibukunoluwa Bankole
June 16, 2024
143 7
0
Kenya’s Central Bank to issue payment licences to Flutterwave, Chipper Cash, others
466
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

The Central Bank of Kenya (CBK) plans to issue payment licences to fintech startups, signalling a significant shift that will open up East Africa’s largest payments market. Among the fintech companies hoping to benefit from this are Flutterwave and Chipper Cash.

Payment Licences Regulatory Framework Update

CBK Governor Kamau Thugge announced that the regulator is working diligently to amend the National Payment Systems Act of 2011, providing a legal framework for fintech firms to operate. The proposed changes could be a significant win for remittance and payment providers, who have faced investigations and raids by Kenyan authorities over allegations of money laundering.

Read also: CBK to Give Payment Licenses to Fintech Startups

“We are updating and amending the Payments Act, basically coming up with a new act. We hope to be able to finish that soon, as well as the regulations, which would guide our way forward in terms of payments service providers space,” said Thugge during a post-monetary policy committee (MPC) press briefing.

RelatedPosts

Flutterwave partners with iPaylinks to ease Africa-Asia payments

Flutterwave handles $1 billion in transactions between Africa and East Asia in H1 2025

Kenya’s fintech community mourns the loss of Leon Kiptum Kidombo

Kenya’s financial sector is currently regulated under the Central Bank of Kenya Act, the National Payment Systems Act, the National Payment Systems Regulations of 2014, and the e-money Regulations of 2013.

These regulations have been unclear about the status of fintechs, creating a legal grey area that has slowed down their expansion and allowed commercial banks and telcos to dominate.

The lack of clarity has conflicted with remittance and payment startups with Kenyan authorities. Law enforcement agencies, including the Financial Reporting Centre (FRC) and the Asset Recovery Authority (ARA), have frozen accounts and seized assets of fintech sector players on money laundering charges.

Previous Regulatory Actions

In 2022, CBK ordered local financial institutions, including banks and mobile money service providers, to sever ties with fintechs, citing unspecified threats to the country’s financial systems. The regulator stated that these firms were operating without authorisation, further complicating the operational landscape for fintech startups.

Read also: No pressure to split M-Pesa despite CBK and Treasury Interest- Safaricom CEO

The proposed amendments to the National Payment Systems Act aim to provide a clear legal pathway for the registration and licensing of fintech startups. This move could resolve the regulatory uncertainties that have hampered the growth of fintech companies in Kenya, enabling a more inclusive and competitive financial sector.

The CBK’s initiative could foster innovation and growth within the fintech industry by easing regulatory constraints and providing a structured framework. This development is anticipated to enhance the role of fintechs in driving financial inclusion and providing innovative payment solutions across Kenya and East Africa.

Governor Thugge’s commitment to revising the regulatory framework highlights CBK’s recognition of the importance of fintechs in the modern financial ecosystem and their potential to contribute significantly to the country’s economic growth.

Tags: CBKChipper CashFlutterwavepayment licences
Ibukunoluwa Bankole

Ibukunoluwa Bankole

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.