The Central Bank of Kenya (CBK) has granted a Payment Service Provider (PSP) license to Kasa Pay Limited, a subsidiary of Remitcore Group.
This makes it the first fintech company in the country, excluding telecommunications firms, to hold both a PSP license as well as a remittance and cross-border payments license.
The PSP license will allow the subsidiary to offer a comprehensive suite of payment solutions that cater to various needs, including seamless and secure transfers of funds within Kenya and across borders.
This will be crucial for individuals and businesses seeking reliable fund transfer services, as it enhances financial connectivity and supports economic activities.
The company is also focusing on merchant acquiring, aiming to facilitate secure and efficient payment acceptance processes for businesses of all sizes, thus fostering an inclusive business environment.
According to Mr. Kulan Kash, co-founder of Remitcore Group, the dual licensing solidifies their position as a leading player in the Kenyan fintech landscape.
“It allows us to offer our customers and merchants a truly integrated and comprehensive range of payment solutions under one roof,” he said.
Kasa Pay is also prioritizing the integration of mobile money platforms, ensuring that their offerings are in harmony with major mobile payment systems already in use across the region. This integration is crucial for enhancing access and convenience for users throughout the country.
Additionally, the subsidiary will offer includes forex transactions, which will allow for convenient and competitive foreign exchange services tailored for both corporate clients and individuals.
This service is particularly important in a globalized economy where currency exchange plays a vital role in trade and commerce.
In accordance to Mr. Benard Mwangi, the Managing Director of Kasa Pay Limited, Remitcore Group is dedicated to leveraging these licenses to drive financial inclusion, empower businesses, and enhance the overall digital payments ecosystem in Kenya.
Kasa Pay’s initiatives align with Remitcore Group’s broader mission to deliver cutting-edge payment solutions tailored to local and international markets.
As a result, this move is poised to play a crucial role in transforming the digital payment landscape in Kenya, making financial services more accessible and efficient for all.
