The Central Bank of Kenya Grants Virtual Pay International the License to Operate Payment Gateway Services
In accordance with the National Payment System (NPS) Act, 2011, NPS Regulations 2014, Virtual Pay International Limited, a Pan-African, omni-channel payment service provider, has been authorized to perform payment gateway services as a Payment Service Provider (PSP).
With the aid of this license, Virtual Pay is able to provide local and international merchants with its payment processing services.
The company’s goal, according to the corporation, is to play a crucial part in the development of the financial industry and hence aid in the expansion of the economy as a whole.
In order to scale operations for the benefit of all stakeholders, the business also indicated that it intends to work with all market participants in the industry, including banks, non-bank financial institutions, and major card schemes.
“We are grateful that the Central Bank has given us permission to offer our services to Kenyan citizens and the larger world economy. We are aware of the significance of this license as well as what the CBK expects in terms of regulations and compliance. The CEO of Virtual Pay Group, David Morema, declares, “We will continue to steadfastly adhere to all regulations and compliance requirements while providing cutting-edge, creative services to all of our partners.
The business was founded in 2019, and as of right now, it has a significant presence in Dubai, the Indian Ocean, and Africa.
