Kenya to issue payment licences: Flutterwave, Chipper Cash could be first in line

The Central Bank of Kenya (CBK) plans to issue payment licences to fintech startups soon, an important softening of an earlier stance that will open up East Africa’s largest payments market. Flutterwave and Chipper Cash are two fintech companies hoping to be granted those licences.

CBK governor Kamau Thugge said the regulator is working around the clock to amend the National Payment Systems Act of 2011 to give a legal framework for fintech firms to operate. The proposed changes could be a big win for remittance and payment providers who have faced investigations and raids by Kenyan authorities on allegations of money laundering.