This archive report was first published on 30 October 2019.
Webtribe, the company behind Jambopay, is nearing approval to offer mobile money services in Kenya. In July 2018, the company applied to start operating as a Payment Service Provider (PSP), which would enable it to venture into electronic retail services, including mobile money, bank debit, and credit cards.
According to a letter from the Central Bank of Kenya, dated September, the bank has completed vetting Webtribe's significant shareholders, directors, and senior managers, as required by the National Payment Services Regulations, 2014. The letter, signed by Anne Wariga, acting assistant director of payment services, states: “Further to your application date July 4, 2018 for authorisation as a PSP, we wish to advise that the bank has completed vetting your significant shareholders, directors and senior managers in accordance with the "Fit and Proper" criteria as required by… the National Payment Services Regulations, 2014.”
With this approval, Jambopay, which already offers payment services to corporates, is set to make a foray into retail mobile money services.
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