The Central Bank of Kenya (CBK) has revoked the operating license of Mobile Pay Limited (branded as Tangaza) as a mobile payment service provider (PSP) for violating National Payment System (NPS).
According to the CBK, MPL persistently failed to discharge its statutory obligations among others non-submission of audited annual financial accounts of the Trust Fund (Tanga Trust).
Other conditions the service provider failed to adhere to were submission of annual system security audit report, and non-submission of quarterly reports for CBK’s oversight.
“While MPL was granted sufficient time to address its violations, its compliance has continued to deteriorate, putting customer funds at risk,” said CBK in a statement.
The revocation is pursuant to the provisions of section 15 (1) (b) of the National Payment Act, 2011 and regulations of the NPS Regulation 2014.
Tangaza Money began operation in Kenyan in the year 2011.
It is the smallest of four mobile PSPs in Kenyan market space and has a market share of less than 0.01 percent of total mobile money subscribers.
