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CBK revokes PayU Kenya licence after firm’s voluntary exit

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NAIROBI, Kenya, Oct 24 – The Central Bank of Kenya (CBK) has revoked the authorisation of PayU Kenya Limited as a licensed Payment Service Provider (PSP) following the firm’s decision to voluntarily cease operations in the country.

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CBK said PayU, which was licensed on March 23, 2023, applied to terminate its business after its board reviewed the company’s strategic direction.

The regulator confirmed that PayU met all legal and regulatory obligations, including settling customer funds, before its exit.

“Following the exit of PayU from Kenya… the public is hereby notified that PayU will no longer conduct the business of a payment service provider in Kenya,” CBK stated.

The bank reaffirmed its commitment to maintaining the safety, stability, and integrity of Kenya’s payment ecosystem.

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