Payment service providers in kenya Payment service providers have developed to satisfy the growing appetite for solutions such as contactless payment. You need to think of a proposed name for the platform. Sep 25, 2022 · Mpesa is arguably the leading payment service provider in Kenya. With cash no longer king, Kenya’s traditional banking model has undergone an unprecedented transformation. Approval process for third party service providers; SECTION 7: GOVERNANCE AND INTERNAL CONTROL MECHANISMS 21. 2 above. The type of services to be offered as well as the program of operations to Sep 18, 2022 · The country moved to bring the payments service providers under tighter CBK oversight from 2011, when the National Payments System (NPS) Act was enacted in 2011, followed by the publications of May 29, 2024 · By Meshack Masibo The Payments Industry in Kenya has been steadily growing for the past decade or so as different companies battle to offer Kenyans unique payment channels and methods. Run and grow your e-commerce business with the best payment service provider in Kenya. A Mobile Payment Service Provider Aug 19, 2019 · Overview. The best features of Dumapay are instant payment transactions, multiple currency support, transaction history, seamless integration and top-class security. A payment system is widely defined under the NPS Act as a system or arrangement that enables payment. For a mobile payment service provider, i. PayU. ‘Find out why Africa’s biggest online retail stores, Restaurants, Associations, Hospitals, VOIP companies and Apr 19, 2020 · With PesaPal, you can make payments using several methods, including mobile banking, bank cards, and wallet. Third party suitability assessment; iii. designation provisions laid out in section3 of the National Payment System Act 2011. Additionally, there are online payment gateways and traditional banking services, offering a mix of modern and conventional payment solutions. Key among these are mobile money platforms. 1. You can use Mpesa to transfer, withdraw and pay for goods and services. Feb 15, 2025 · This Kenyan-based payment app allows its users to pay and receive payments in any location, at any time. Online Payment Platforms And Financial Inclusion In Kenya. Four reasons to choose Pesapal as your online payment gateway to help you scale your ecommerce business: Multiple payment options ; Process global payments Jun 13, 2023 · A Mobile Payment Service Provider refers to a telecommunications service provider licensed under KICA and authorized by the Central Bank of Kenya to offer payment services. The toll points are purchased through licensed Payment Service Providers (PSPs) and banks, in the same way as payments to utility companies and providers of other services. ii. In this article, we will discuss the top online payment platforms in Kenya. PayU is an international payment app that also offers digital services in Kenya. com Website: https://business-pay. It guarantees bank-level security for all transfers, making it a reliable payment service provider. provision of payment services NB: Moja Expressway Company Ltd operates a toll collection system for the Nairobi Expressway. See the Directory of authorized PSPs Here. ) What does this mean? It effectively gives Paystack access to the National Payment System and allows it to process payments of all kinds in Kenya. ke@jumia. Sign in to your Account. clearing of one or more payment instructions; ―payment service provider‖ means:— (i) a person, company or organisation acting as provider in relation to sending, receiving, storing or processing of payments or the provision of other services in relation to payment services through any electronic system; Make payments for your monthly bills and subscriptions online and through mobile money to your service and utility provider with ease. 2. 1 The applicants shall commence operations as payment service providers for a designated payment system upon publishing of the Gazette notice in 5. Some online shopping malls also support PesaPal as a mode of payment. A payment service provider is a person, company, or PesaLink provides 24 x 7 x 365 real-time payment services for the banking industry in Kenya. The scope of third party / outsourced services; ii. O Box 26106-00100 Nairobi In Kenya participants comprise of the Central Bank of Kenya, the Government, Commercial Banks, Financial Institutions and Payment System Providers. The Guideline on Cybersecurity for Payment Service Providers (the Guideline) is applicable to all PSPs authorised under the National Payment System Act, which include:. 4. Pesapal is one of the most widely used systems by hotels (over 500). National Payments Systems in Kenya are classified into two categories; Large Value (Wholesale) and Low Value (Retail) Payment Systems. At the same time, as we closed… May 29, 2024 · The Payments Industry in Kenya has been steadily growing for the past decade or so as different companies battle to offer Kenyans unique payment channels and methods. ke/ Physical Address: Kaka House 6th Floor, Maua Close, Nairobi Oct 7, 2024 · Here is an in-depth look at some of the leading licensed Payment Service Providers (PSPs) , offering insights into the services they provide, the institutions behind them, and their impact on Kenya’s digital economy. co. participate in the Kenya wholesale payment system. 9. 2. The scope of payment services includes sending, receiving, storing, or processing payments through an electronic system, ownership or operation of a public switched network Nov 17, 2022 · Recently Paystack received authorization to act as a Payment Service Provider (PSP. Many businesses can now accept payments on Mpesa through Pay Bill, Buy Goods and Services, or Pochi la Biashara. i. In Kenya, online payment platforms play a crucial role in enhancing financial inclusion, particularly among underserved and remote populations. However, one of the biggest hurdles to setting up a payments business is acquiring a license to operate. 28—Execution of payments. 5 days ago · Pursuant to Section 31(2) (b) of the National Payment System Act, 2011 which empowers the Central Bank of Kenya to issue Directives and Guidelines, the CBK has developed a Cybersecurity Guideline for Payment Service Providers (PSPs). The objective is to What is the payment service provider in Kenya? Kenya boasts a diverse range of payment service providers, catering to various financial needs. However, one of the biggest Pesapal offers flexible payment solutions for businesses in Kenya to accept online payments. iv. What do you need to do to get the PSP License? 1. Jumia Payment Services Kenya Limited Postal Address: P. Oct 28, 2022 · The High Court has held that regulation of payment service providers (PSPs) by the Central Bank of Kenya (CBK) under the National Payment Systems Act, 2011 (the NPS Act) extends to any person engaged in any process in a payment system. PART VI COMMENCEMENT OF OPERATIONS AS A DESIGNATED PAYMENT SYSTEM 6. Kenya Subsidiary Legislation, 2014 688 26—Contents of Trust Deed. merchants, payments, sasapay, transactions. O Box 26106-00100 Nairobi Telephone: +254793302704 Email: pay. Sep 14, 2022 · The Central Bank of Kenya (CBK) has published the Directory of Payment Service Providers (PSPs) that are authorised pursuant to the National Payment System Act, 2011. To provide a platform that facilitates processing of payments on behalf of merchants. 24 ‘Payment Service Provider (PSP)’ as defined in the National Payment Systems Act, 2011 means: i) A person, company or organization acting as provider in relation to sending, receiving, storing or processing of payments or the provision of other services in relation to payment services iii. Jan 4, 2025 · Cybersecurity Guideline for Payment Service Providers. Payment Systems, Uncategorized. DPO Group is a payment service provider and payment gateway that allows businesses to collect online payments and get paid from shoppers in Kenya, and internationally. The Central Bank of Kenya (CBK) issued a guideline on cybersecurity for Payment Service Providers (PSPs). Main Merchant Operator Jul 12, 2024 · There are better, safer ways to make and receive payments online. It was started in 2007 by Vodafone and Safaricom. The identity of: i. 11. jumia. Certified copy of the management agreement where a custodial Trust relationship exists with the mobile payment service provider. PayU s a Netherlands-based online payment service provider to merchants that serves high-growth markets in Eastern Europe, Latin America, Asia, and Africa. Pursuant to Section 31(2) (b) of the National Payment System Act, 2011 which empowers the Central Bank of Kenya to issue Directives and Guidelines, the CBK has developed a Cybersecurity Guideline for Payment Service Providers (PSPs). Directors and Senior Managers of the payment service provider as DIRECTORY OF AUTHORIZED PAYMENT SERVICE PROVIDERS (PSPs) AS AT NOVEMBER 17, 2023 Jumia Payment Services Kenya Limited Postal Address: P. Aug 26, 2022 · Here are the 5 best online payment processors in Kenya, in no particular order: PayU. The ecosystem, today, consists of banks, payment service providers (PSPs) and savings and credit cooperative societies (SACCOs) and a telco. It supports payment methods like Mpesa, Airtel Money, Visa, Mastercard, American Express, Tigo Pesa, MTN momo, etc. a certified copy of valid license from the Communication Commission of Kenya. payments. There is a heightened acceptance of internet-ready payment platforms that are faster, hassle-free, and efficient. Mobile money, one of the prevalent forms of financial services in Kenya is regulated by the Kenya Information and Communications Act (KICA), 1998 which is responsible for the mobile network operators and the National Payment Systems Act, 2011 which regulates the payment systems and payment service providers. 27—Operational arrangements for payment service providers. falw wymgf kavck gchwbm pis ecmj voixkf gskoswa ftsynxe pmgr ugwk xmzosm wqsd icgn fzrugb