Payaza, a Nigerian-founded fintech, has secured full regulatory approval from the Central Bank of Kenya (CBK) to operate as a payments business in the country, according to its CEO, Seyi Ebenezer.
The approval comes a year after the company secured a remittance license in Kenya.
Ebenezer believes the Kenyan market holds significant promise for the company, citing the country’s vibrant digital economy and developed financial services ecosystem.
“We saw in 2024 alone that the informal sector, predominantly driven by MSMEs, accounted for 703,700 of the 782,300 jobs created in the country,” he said.
Read: Grey secures IMTO licence as Nigeria’s remittance sector gets new competition
The latest approval adds to a growing list of regulatory licenses Payaza has secured across multiple markets. In February 2025, the company obtained a Payment Systems Operator (PSO) license in Ghana. In February 2026, it secured a PSO license in Uganda, alongside a Canadian Payment Service Provider (PSP) license, to support its expansion into North America.
Payaza was launched in March 2022 by Ebenezer alongside co-founders Tochukwu Ekwonna, Philips Akinyele, Tolulope Atomori, and Shola Asiru.
By July 2024, the company had rebranded with a focus on global expansion and serving micro, small, and medium-sized enterprises (MSMEs). Around the same period, it secured a Money Services Business (MSB) license in the United States and expanded its footprint into the Middle East and nearly two dozen African markets.
The Kenyan payments license is expected to give Payaza direct market access without relying on commercial or sponsor banks. It could also improve the company’s unit economics, strengthen its credibility with institutional partners and investors, and support its broader expansion strategy across East Africa.
For Payaza, the approval is also an opportunity to build financial infrastructure that better serves businesses operating 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,” Ebenezer added.
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Last updated: November 13, 2026
