About This Checklist
This checklist outlines the requirements for authorization of Payment Service Providers (PSPs) in Kenya, as per the National Payment System Act, 2011 and the Regulations issued thereunder.
The Central Bank of Kenya (CBK) is responsible for the regulation and supervision of payment systems in Kenya, including the authorization of PSPs.
Use this checklist to ensure your application for PSP authorization is complete and meets all regulatory requirements.
Authorization Requirements Checklist
1. Certificate of Incorporation Required
Provide a certified copy of the Certificate of Incorporation under the Companies Act.
2. Memorandum and Articles of Association Required
Submit certified copies of the Memorandum and Articles of Association.
3. Form of Business Required
Clearly indicate the form of business (e.g., Limited Liability Company).
4. Tax Compliance Certificate Required
Provide a valid Tax
5. Business Permits Conditional
Submit relevant business permits if applicable to your operations.
1. Organizational Structure Required
Provide a detailed organizational structure chart showing reporting lines.
2. Board of Directors Profile Required
Submit detailed profiles of all board members including qualifications and experience.
3. Senior Management Profiles Required
Provide detailed profiles of senior management team members.
4. Fit and Proper Declarations Required
Submit fit and proper declarations for all directors and senior management.
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1. Minimum Capital Requirements Required
Provide evidence of meeting the minimum capital requirements as specified in the Regulations.
2. Financial Projections Required
Submit detailed financial projections for at least three years.
3.Audited Financial Statements Conditional
If already in operation, provide audited financial statements for the past three years.
4 Source of Funds Required
Provide documentation on the source of funds for the business.
1. Detailed Business Plan Required
Submit a comprehensive business plan outlining your payment services strategy.
2. Target Market Analysis Required
Provide analysis of your target market and customer segments.
3. Service Description Required
Detailed description of the payment services to be offered.
4. Operational Procedures Required
Documented operational procedures for all payment services.
1. System Architecture Required
Detailed description of the technology infrastructure and system architecture.
2. Information Security Policy Required
Comprehensive information security policy document.
3. Business Continuity Plan Required
Documented business continuity and disaster recovery plans.
4. Data Protection Measures Required
Evidence of compliance with data protection regulations.
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1. Risk Management Framework Required
Comprehensive risk management framework document.
2. AML/CFT Policy Required
Anti-Money Laundering and Counter Financing of Terrorism policy.
3. Fraud Prevention Measures Required
Documented fraud prevention and detection measures.
4. Operational Risk Management Required
Operational risk management policies and procedures.