CBK grants Virtual Pay operation license for financial services in Kenya

Virtual Pay Internaltion has been granted an operation license to offer financial services in Kenya.

The license from the Central Bank of Kenya (CBK) allows Virtual Pay to offer its payment processing services of merchants, local and international services in the country.

“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,” said Virtual Pay Group Chief Executive David Morema.

It comes hardly a month after the company made foray in Tanzania when it received regulatory approval to offer services to Tanzanians.

Besides Kenya and Tanzania, Virtual Pay also operates in Mauritius and the United Arab Emirates (UAE), operating across a range of industries, including financial services, online retail and trading, hospitality and travel.

Morema said their entry into Tanzania gives the company a platform to continue its growth trajectory even as it eyes a larger share of the global payments market

“We at Virtual Pay strive to be one of the world’s leading global payment technology companies,” said Morema, adding that they would do so by “providing cutting-edge payments solutions”.

Virtual Pay Tanzania managing director Miriam Nghwani affirmed the importance of synergies between players in the online payments processing space.

“The conversation into the future will be driven by all actors within the payments ecosystem, such as banks, card issuers, merchants and government.”

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