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The Central Bank of Kenya (CBK) has withdrawn PayU Kenya Limited’s licence as a Payment Service Provider (PSP) after the firm opted to wind up its operations in the country.
In a statement, CBK said PayU, which received its licence on March 23, 2023, chose to exit the Kenyan market following a strategic review by its board.
Before its exit, the company fulfilled all regulatory and legal requirements, including settling customer funds, according to CBK.
“Following PayU’s exit from Kenya, the public is informed that the firm will no longer operate as a payment service provider in the country,” the regulator announced.
CBK further reiterated its commitment to safeguarding the stability and integrity of Kenya’s payment system.
