The Central Bank of Kenya (CBK) has given Paystack, a Nigerian financial technology company that was bought by Stripe, a payment service provider license. With this license, Paystack will Ju be able to help Kenyan businesses accept payments and improve their merchant experience.
This new turn of events comes right after the company started doing business in Kenya and its private beta product came out.
The new license that Paystack has acquired will make it possible for the company to process payments in both US dollars and Kenyan shillings, to offer no-code commerce solutions, and to give merchants more control over their companies through the use of the Paystack merchant app licence
In the post, the company Paystack said, “We’re thrilled to announce that Paystack has received a Payment Service Provider Authorization from the Central Bank of Kenya, which allows us to provide payment services to businesses in Kenya!”
“In every country where we do business, Paystack works hard to give businesses and customers payment services that are fast, safe, and reliable.” “In Kenya, our fourth country where we operate locally after South Africa, Ghana, and Nigeria, we’re thankful to receive the authorization required to operate in full compliance with regulations,” it included.
Read also: NALA enables Apple Pay payments from the UK and US
Why Paystack was Able to Accomplish This
Paystack was able to obtain its payment despite the country’s apex bank taking an unusually cautious approach to the distribution of payment licenses to fintech companies operating in the country.
The Central Bank of Kenya (CBK) kicked out two fintech startups, Flutterwave and Chipper Cash, from the Kenyan market three months ago on the grounds that the companies lacked the necessary licenses to conduct business in the East African nation of Kenya.
Since then, only a select few new businesses have been granted licenses, and one of those is Virtual Pay, which was developed locally.
Paystack wants to be the best fintech company that helps African businesses “succeed, be admired, and be the envy of their peers.” The company is backed by an army of skilled developers that are working to make this goal a reality. Entry into the Kenyan market is a step in this general direction.
Paystack visits Ghana
The Paystack Developer Relations team had their first developer roadshow in Tamale at the end of October 2022, which was a huge success.
The Paystack Roadshow is a series of events held in the style of meetups, during which attendees will have the opportunity to learn more about Paystack’s product roadmap, discover new client leads with Paystack, and win cool swag from Paystack and Stripe.
Paystack’s first stop was in Kumasi on November 5, and it headed to Accra on November 12th.
An Early Action by Paystack on Employees
Paystack is a payment provider in Nigeria. Stripe, which owns Paystack, has said that it will cut the number of employees at its company by about 14 per cent. This indicates that the corporation will be firing 1,000 of its employees.
In October 2020, Stripe announced that it had bought Paystack. Since then, Paystack has been able to work almost completely independently of the rest of the company. Paystack employees are not going to be affected by the layoff.