Slow licencing process is a headache for fintechs expanding to Kenya
Fintech startups struggle to obtain operating licenses in Kenya. Payment service provider licenses can take up to two years due to approval delays.
Exclusive: Nigeria’s Access Bank nears completion of National Bank of Kenya acquisition
Access Bank to acquire National Bank of Kenya from KCB Group pending regulatory approvals. The deal could be priced around $100 million based on NBK's book value.
PrivPay shutdown after Safaricom cut API access over compliance violations
PrivPay, a Kenyan fintech, shut down after Safaricom cut its access to M-PESA APIs. Safaricom's action was connected to a worry that PrivPay's offering violated compliance issues.
Kenyan Commercial Banks to Monitor Large Transactions Under New Regulations
Kenyan commercial banks are set to begin monitoring substantial cash deposits and transfers exceeding KES 1 million. The use of 'purpose of payment' (PoP) transaction codes is mandated, which could accelerate the adoption of ISO 20022 standards.
Zimbabwe plans to come up with a crypto regulatory framework
Zimbabwe has launched a public consultation on cryptocurrency to recommend a regulatory framework for cryptocurrency service providers. A multi-stakeholder committee has been formed to consult with cryptocurrency ecosystem stakeholders.
