Kenya to issue payment licences: Flutterwave, Chipper Cash could be first in line
- The Central Bank of Kenya (CBK) plans to issue payment licences to fintech startups.
- Flutterwave and Chipper Cash are two fintech companies hoping to be granted those licences.
- CBK is working to amend the National Payment Systems Act of 2011 to provide a legal framework for fintech firms.
The Central Bank of Kenya's plans to issue payment licences to fintech startups and amend the National Payment Systems Act is a positive development for the fintech industry. It will provide a legal framework, solve a legal grey area, and open up opportunities for remittance and payment providers. However, the previous restrictions and investigations on fintechs raise concerns about the regulatory environment.
