The Central Bank of Kenya (CBK) has given Pan-African payments startup Paystack a Payment Service Provider licence to enable it to begin operations in the East African nation.
With the help of this licence, Paystack will make it possible for Kenyan companies to accept one-time card payments as well as automated recurring payments. They will also be able to collect payments from clients using a variety of regional and international payment methods, such as M-Pesa, Card payments (Visa, Mastercard, American Express), and Apple Pay.
Additionally, merchants may utilise the Paystack Merchant App to keep an eye on their business as well as the no-code Commerce tools (Payment Pages, Storefronts) to beautifully advertise their ideas.
Shola Akinlade and Ezra Olubi created Paystack in 2015, making it the first Nigerian business to be accepted into the YCombinator startup incubator. Later, between 2018 and 2021, the business extended to Ghana and South Africa.
Prior to being acquired in October 2020 for an additional $200 million, Paystack raised a total of around $12 million via various funding phases, according to Techloy statistics. The business has maintained its independence while expanding its operations in Africa and introducing more global payment options.
“In every country in which we operate, Paystack strives to build fast, secure, and reliable payment services for businesses and customers,” says Caroline Muema, Paystack’s Business Operations and Expansion Lead in Kenya in a statement.