Virtual Pay International Obtains License From CBK

By Soko Directory Team / Published August 10, 2022 | 8:43 am

KEY POINTS

This license allows Virtual Pay to offer its payment processing services to merchants, local and international. Our objective is to play a pivotal role in the growth of the financial sector, contributing to the growth of the economy at large.

Virtual Pay International Limited is pleased to announce that it has been granted authorization as a Payment Service Provider (PSP) to carry out Payment Gateway Services in compliance with the National Payment System (NPS) Act, 2011, NPS Regulations 2014.

As is our practice, we purpose to collaborate with all sector players in the market, namely, banks, non-bank financial institutions, major card schemes, etc., to ensure that we are able to scale our operations for the benefit of all stakeholders.

“We are humbled by the approval from the Central Bank, to offer our services to the Citizens of Kenya, and the global economy at large. We understand the importance of this license, and the regulatory and compliance expectations from the CBK. We shall continue to steadfastly adhere to all regulations and compliance directives while offering innovative, exciting, and state-of-the-art services to all our partners” says David Morema, Virtual Pay Group CEO.

The new player is set to step up competition with Safaricom’s M-Pesa, Pesapal, PayU, Amazon, and Paypal among others. The company will be able to offer its payment processing services to both local and international traders.

The global payment solutions provider has a presence in Mauritius and the United Arab Emirates (UAE), operating across a range of industries, including financial services, online retail, trading, hospitality, and travel.

The company has been expanding its footprint in the East African region with the announcement coming weeks after it entered Tanzania. The firm’s approval is set to up competition in the fast-growing payment services sector.

The firm has been eyeing a larger market share of the global payments market. M-Pesa commands the largest share of the mobile money business.

About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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