Central Bank of Kenya (CBK) to Issue Payment License To Fintech Startups
- The Central Bank of Kenya (CBK) is set to issue payment licenses to fintech startups operating in the country soon.
- Two prominent fintech companies, Flutterwave and Chipper Cash, are among those hoping to be granted these licenses.
- The proposed changes could be a significant win for remittance and payment providers that have faced investigations and raids by Kenyan authorities over allegations of money laundering.
The decision by the Central Bank of Kenya to issue payment licenses to fintech startups is a positive move that will foster innovation and inclusivity in the country's payments ecosystem. It will provide clarity and legitimacy to these companies, addressing the legal ambiguity they have faced and enabling them to expand their operations. This will also benefit remittance and payment providers that have been under scrutiny for money laundering allegations.
