This archive report was first published on 5 November 2021.
On Tuesday, November 2, 2021, Lady Justice Janet Mulwa issued a High Court ruling that barred the Central Bank of Kenya (CBK) from interfering with the operations of Our Open Market Ltd, the software firm behind Tangaza's payments services.
The ruling instructed lawyers representing CBK and Mobile Pay Limited (MPL) owners to file their respective submissions before November 8, when the case will be heard.
CBK had previously raided Tangaza's offices on October 26, 2021, revoking its license due to alleged regulatory breaches, including failure to submit tax compliance reports and audited financial reports.
CBK accused Tangaza of repeatedly violating the National Payments System (NPS) law and regulation, putting customer funds at risk.
However, Tangaza's CEO, Oscar Ikinu, refuted these claims at a media briefing, stating that customer funds have been safe since 2011 and that no complaints had been raised by customers.
Tangaza described CBK's actions as 'procedural and without compliance of the law,' and expressed hope that the Central Bank would abide by the rule of law and comply with the High Court orders.
