Kenya Central Bank to Amend Payment Systems Act To Allow Fintechs To Be Granted Licences
- The CBK is preparing to amend its Payments Act to allow fintechs to be issued payment licenses.
- The proposed regulatory changes are expected to create a more conducive environment for fintech companies to operate legally and securely.
- The change will have a positive impact on businesses that offer remittance and payment services.
The amendment of the Payments Act by the Central Bank of Kenya is a positive step towards fostering innovation and growth in the fintech sector. By allowing fintech companies to obtain licenses, it will create a more favorable environment for these companies to operate and provide their services. This move will also benefit businesses that offer remittance and payment services, as they will no longer face scrutiny and enforcement actions.
