Payaza Gets Central Bank of Kenya Payments Business Approval

In Short

Payaza says it has secured full regulatory approval from the Central Bank of Kenya to operate as a payments business in Kenya.

What Happened: Payaza Expands Its Kenya Footprint

Payaza, a Nigerian-founded fintech, has secured full approval from the Central Bank of Kenya (CBK) to operate as a payments business in the country, according to CEO Seyi Ebenezer.

The approval comes a year after Payaza secured a remittance license in Kenya.

Ebenezer said Payaza sees strong opportunity in Kenya, pointing to the country’s digital economy and financial services ecosystem. He also cited job creation data, saying that in 2024 the informal sector, predominantly driven by micro, small, and medium-sized enterprises (MSMEs), accounted for 703,700 of the 782,300 jobs created in the country.

The company has also been building up licences in other markets.

Payaza was launched in March 2022 by Ebenezer alongside co-founders Tochukwu Ekwonna, Philips Akinyele, Tolulope Atomori, and Shola Asiru.

Why It Matters: Direct Access And Lower Dependency On Banks

Payaza says the Kenyan payments license should give it direct market access without relying on commercial or sponsor banks. It said this could improve its unit economics, strengthen its credibility with institutional partners and investors, and support expansion across East Africa.

Ebenezer also framed the move as a chance to build financial infrastructure for businesses in the region. “It is important that the financial infrastructure that supports how these businesses operate is built to help them transact more efficiently, reach new markets, and grow,” he said.