Recently Paystack received authorization to be a Payment Service Provider (PSP.)
What does this mean?
It effectively gives Paystack access to the National Payment System and allows it to process payments of all kinds.
What do you need to do to get the PSP License?
1. You need to think of a proposed name for the platform.
2. Apply to the Central Bank of Kenya (CBK) to approve the proposed name – you do this by forwarding three proposed names in order of preference to the CBK.
3. You will then be invited to a preliminary meeting for the purposes of knowing your intentions and you will be informed about the application requirements.
4. Once CBK accepts the proposed name, you are supposed to reserve the name with the Registrar of Companies and register the company.
5. You will also need to present to the CBK a list of trustees, significant shareholders, directors and senior managers that are intended to control the payment service provider.
6.If one of your trustees is a company, CBK will assess the directors and senior management of the company.
7. When picking your Trustees and Directors, you need to consider the following;
Do they possess adequate professional credentials or experience?
Are they competent and sober in judgment?
Are they reliable people with a good character and reputation?
Have they been convicted of an offence that involves fraud, dishonesty or violence?
Has the person engaged in deceitful, oppressive or improper business practices before?
Have they ever broken the law?
8. You will need to submit the relevant documents requested by the CBK and you will be informed if your application has been successful or not.
In case you need further assistance, don’t hesitate to contact us at info@masibolaw.co.ke
MasiboLaw 