Kenya regulator plans to issue payment licences to fintechs
- The Central Bank of Kenya (CBK) plans to grant payment licenses to fintech startups.
- Two Nigerian-born fintech companies, Flutterwave and Chipper Cash, are vying for licenses.
- The proposed changes to the National Payment Systems Act will eliminate a legal barrier for fintechs in Kenya.
The decision by the Central Bank of Kenya to grant payment licenses to fintech startups is a positive step towards fostering innovation and competition in the country's payment market. By providing a legal framework for fintech companies to operate, it will remove barriers that have hindered their growth. This move is expected to benefit remittance and payment service providers, and contribute to the overall development of Kenya's financial sector.
