{"id":4601,"date":"2025-09-29T06:21:26","date_gmt":"2025-09-29T06:21:26","guid":{"rendered":"https:\/\/tladvocates.com\/?page_id=4601"},"modified":"2025-09-29T07:53:19","modified_gmt":"2025-09-29T07:53:19","slug":"payment-service-providers-authorization-checklist","status":"publish","type":"page","link":"https:\/\/tladvocates.com\/index.php\/payment-service-providers-authorization-checklist\/","title":{"rendered":"Payment Service Providers Authorization Checklist"},"content":{"rendered":"\t\t
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About This Checklist<\/h2>\t\t\t\t<\/div>\n\t\t\t\t
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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.<\/p>

The Central Bank of Kenya (CBK) is responsible for the regulation and supervision of payment systems in Kenya, including the authorization of PSPs.<\/p>

Use this checklist to ensure your application for PSP authorization is complete and meets all regulatory requirements.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t

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Authorization Requirements Checklist<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/path><\/g><\/svg><\/span>\n\t\t\t\t\t\t\t\t<\/path><\/g><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t1. Legal and Regulatory Requirements<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t
1. Certificate of Incorporation\u00a0Required<\/span><\/strong><\/div>
Provide a certified copy of the Certificate of Incorporation under the Companies Act.<\/div>
2. Memorandum and Articles of Association\u00a0<\/span>Required<\/span><\/strong><\/div>
Submit certified copies of the Memorandum and Articles of Association.<\/div>
3. Form of Business\u00a0<\/span>Required<\/span><\/strong><\/div>
Clearly indicate the form of business (e.g., Limited Liability Company).<\/div>
4. Tax Compliance Certificate\u00a0<\/span>Required<\/span><\/strong><\/div>
Provide a valid Tax<\/div>
5. Business Permits\u00a0<\/span>Conditional<\/span><\/strong><\/div>
Submit relevant business permits if applicable to your operations.<\/div><\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t
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\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/path><\/g><\/svg><\/span>\n\t\t\t\t\t\t\t\t<\/path><\/g><\/svg><\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t2. Governance and Management Structure<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t
1. Organizational Structure\u00a0<\/span>Required<\/span><\/strong><\/em><\/div>
Provide a detailed organizational structure chart showing reporting lines.<\/div>
2. Board of Directors Profile\u00a0<\/span>Required<\/span><\/strong><\/em><\/div>
Submit detailed profiles of all board members including qualifications and experience.<\/div>
3. Senior Management Profiles\u00a0<\/span>Required<\/span><\/strong><\/em><\/div>
Provide detailed profiles of senior management team members.<\/div>

4. Fit and Proper Declarations\u00a0Required<\/span><\/strong><\/em><\/p>

Submit fit and proper declarations for all directors and senior management.<\/div><\/div><\/div>
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1. Minimum Capital Requirements\u00a0<\/span>Required<\/span><\/strong><\/em><\/div>
Provide evidence of meeting the minimum capital requirements as specified in the Regulations.<\/div>
2. Financial Projections\u00a0<\/span>Required<\/span><\/strong><\/em><\/div>
Submit detailed financial projections for at least three years.<\/div>

3.Audited Financial Statements\u00a0Conditional<\/span><\/strong><\/em><\/p>

If already in operation, provide audited financial statements for the past three years.<\/div>
4 Source of Funds\u00a0Required<\/span><\/strong><\/em><\/div>
Provide documentation on the source of funds for the business.<\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t
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1. Detailed Business Plan\u00a0<\/span>Required<\/span><\/strong><\/em><\/div>
Submit a comprehensive business plan outlining your payment services strategy.<\/div>
2. Target Market Analysis\u00a0<\/span>Required<\/span><\/strong><\/em><\/div>
Provide analysis of your target market and customer segments.<\/div>
3. Service Description\u00a0<\/span>Required<\/span><\/strong><\/em><\/div>
Detailed description of the payment services to be offered.<\/div>
4. Operational Procedures\u00a0<\/span>Required<\/span><\/strong><\/em><\/div>
Documented operational procedures for all payment services.<\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t
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1. System Architecture\u00a0Required<\/span><\/strong><\/em><\/div>
Detailed description of the technology infrastructure and system architecture.<\/div>
2. Information Security Policy\u00a0<\/span>Required<\/span><\/strong><\/em><\/div>
Comprehensive information security policy document.<\/div>
3. Business Continuity Plan\u00a0<\/span>Required<\/span><\/strong><\/em><\/div>
Documented business continuity and disaster recovery plans.<\/div>
4. Data Protection Measures\u00a0<\/span>Required<\/span><\/strong><\/em><\/div>
Evidence of compliance with data protection regulations.<\/div>
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1. Risk Management Framework\u00a0<\/span>Required<\/span><\/strong><\/em><\/div>
Comprehensive risk management framework document.<\/div>
2. AML\/CFT Policy\u00a0<\/span>Required<\/span><\/div>
Anti-Money Laundering and Counter Financing of Terrorism policy.<\/div>
3. Fraud Prevention Measures\u00a0<\/span>Required<\/span><\/strong><\/em><\/div>
Documented fraud prevention and detection measures.<\/div>
4. Operational Risk Management\u00a0Required<\/span><\/strong><\/em><\/div>
Operational risk management policies and procedures.<\/div><\/div><\/div><\/div><\/div><\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tView Original Document<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

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. […]<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"inline_featured_image":false,"footnotes":""},"class_list":["post-4601","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/tladvocates.com\/index.php\/wp-json\/wp\/v2\/pages\/4601","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/tladvocates.com\/index.php\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/tladvocates.com\/index.php\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/tladvocates.com\/index.php\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/tladvocates.com\/index.php\/wp-json\/wp\/v2\/comments?post=4601"}],"version-history":[{"count":10,"href":"https:\/\/tladvocates.com\/index.php\/wp-json\/wp\/v2\/pages\/4601\/revisions"}],"predecessor-version":[{"id":4614,"href":"https:\/\/tladvocates.com\/index.php\/wp-json\/wp\/v2\/pages\/4601\/revisions\/4614"}],"wp:attachment":[{"href":"https:\/\/tladvocates.com\/index.php\/wp-json\/wp\/v2\/media?parent=4601"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}