Nigerian Payment Startup, Paystack, has announced it received a Payment Provider Authorization from the Central Bank of Kenya (CBK).
This authorization gives Paystack the right to provide payment services to businesses operating in the East African country.
Paystack Statement on it Payment Service Provider Authorization
In its statement, the company said,
“We are thrilled to announce that Paystack has received a Payment Service Provider Authorization from the Central Bank of Kenya. This permits us to provide payment services to businesses operating in Kenya”.
“In every country in which we operate, Paystack strives to build fast, secure, and reliable payment services for businesses and customers. Kenya is our fourth country where we operate locally, after South Africa, Ghana, and Nigeria. We are thankful to receive the authorization required to operate in full compliance with regulations.” The statement added.
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The Payment Service Provider Authorization from Kenya is not the only good news from the payment startup. It also announced the launch of Kenya Private Beta.
This will settle Paystack merchants in Kenya in both Kenyan Shillings and USD. They will also accept payments via several local and global payment channels, including MPesa, Card payments (Visa, Mastercard, American Express), and Apple Pay.
“We’ll work with an initial group of businesses to refine our platform in Kenya, implement feedback, and ensure that we build a fast, reliable, and truly delightful payment experience,” it stated.
Paystack was founded by Shola Akinlade and Ezra Olubi, to help businesses in Africa get paid by anyone and anywhere in the world.
Since its emergence in 2015, the company has gained ground in Nigeria, Ghana, and South Africa and is currently in Kenya.
In 2018, it raised an $8 million series A round led by Stripe. The funding was used for its expansion to Ghana. Since expanding to Ghana, Paystack has been able to power 50% of online payments in Nigeria with around 60,000 customers.
Those customers include small businesses, larger corporates, fintech, educational institutions, and online betting companies. In 2020, it was acquired by Stripe.
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