Paystack, the Nigerian-born fintech company acquired by Stripe, has secured a payment service provider license from the Central Bank of Kenya, enabling it to facilitate payments and optimize merchant experience for Kenyan businesses.
This development follows the company’s expansion into Kenya and its private beta product launch.
Paystack acquired its payment license despite the country’s apex bank showing conspicuous prudence in allocating payment licenses to fintech operating in the country.
Paystack’s new license will allow it to process payments in Kenyan shillings and USD, provide no-code commerce tools, and enable merchants more control of their businesses through the Paystack merchant app.