Virtual Pay International Limited is the latest entrant in the online payments sector in Kenya after receiving a licence from the Central Bank of Kenya (CBK).
The new player is set to step up competition with Safaricom’s M-Pesa, Pesapal, PayU, Amazon and Paypal among others. The company will be able to offer its payment processing services to both local and international traders.
The global payment solutions provider has a presence in Mauritius and the United Arab Emirates (UAE), operating across a range of industries, including financial services, online retail and trading, hospitality and travel.
“We are humbled by the approval from the Central Bank, to offer our services to the Citizens of Kenya, and the global economy at large,” said David Morema, Virtual Pay Group chief executive.
The company plans to collaborate with all sector players in the market including banks, nonbank financial institutions, and major card schemes among others to scale their operations in the country.
“We shall continue to steadfastly adhere to all regulations and compliance directives while offering innovative, exciting and state-of-the-art services to all our partners” added Mr Morema.
PSPs are third-party companies that help business owners accept a wide range of online payment methods, like online banking, credit cards, debit cards, e-wallets, and cash cards.
The company has been expanding its footprint in the East African region with the announcement coming weeks after it entered Tanzania.
The firm’s approval is set to up competition in the fast-growing payment services sector.
The firm has been eyeing a larger market share of the global payments market. M-pesa commands the largest share of the mobile money business.
The use of bank cards to shop for goods and services has been soaring in the last decade indicating increased consumer spending and the attractiveness of the convenience of the payment option.