Virtual Pay International, a Kenyan fintech firm, has achieved a significant milestone by becoming the first local payment service provider to gain direct approval to acquire Visa card transactions in Kenya. This development is set to revolutionize online payments by reducing reliance on foreign intermediaries, potentially lowering merchant fees, and accelerating settlement times.

• The new licence allows Virtual Pay to process Visa card payments directly, bypassing foreign banks and global processors.
• David Morema, the group chief executive of Virtual Pay International, stated this makes them the first indigenous provider in East and Central Africa with direct acquiring status.
• Mobile money transactions in Kenya in 2024 were equivalent to more than half of the country’s GDP, highlighting the large digital finance market this move will impact.