Payaza has secured regulatory approval from the Central Bank of Kenya to operate as a payments business. The Nigerian-founded fintech builds financial infrastructure for merchants and commercial enterprises. The approval concludes 45 months of regulatory engagement between the startup and Kenyan authorities.
Details of the authorization
The payments approval follows a remittance license that Payaza received in Kenya one year earlier. The new permit gives the company direct market access without the need for commercial sponsor banks. This direct setup is expected to improve unit economics and strengthen ties with institutional partners.
Growth and international footprint
A team of five co-founders launched Payaza in March 2022. The company rebranded in July 2024 to prioritize international expansion and services for smaller enterprises. Since then, the fintech has expanded operations into the Middle East and nearly two dozen African countries.
Broader regulatory licensing
Payaza previously secured a money services business license in the United States in 2024. The firm also obtained payment systems operator licenses in Ghana and Uganda. In addition, it acquired a Canadian payment service provider license to support its reach in North America.
The Kenyan authorization will support the company's broader expansion plans across East Africa. Payaza aims to use the infrastructure to serve micro, small, and medium-sized businesses in the region. The firm noted that these informal enterprises drive the vast majority of new employment in Kenya.