The Central Bank of Kenya (CBK) has today, Tuesday, October 26, 2021, revoked the authorisation granted to Mobile Pay Limited (MPL) (brand name “Tangaza”) as a mobile
Payments Service Provider (PSP), pursuant to the provisions of Section 15 (1) (b) of the
National Payment System (NPS) Act, 2011 and Regulation 10 of the National Payment System (NPS) Regulations, 2014.
Tangaza enables customers to send/receive money, make retail payments through their phones, at Tangaza pesa agents, online and at other points of service in the market.
According to a statement from CBK, this action culminates a long engagement between CBK and MPL, during which CBK has considered MPL’s continued violations of NPS law and regulations.
“MPL has persistently failed to discharge its statutory obligations, among others, non-submission of audited annual Financial Accounts of the Trust Fund (Tangaza Trust) and MPL, non-submission of annual systems security audit report, and non-submission of quarterly reports for CBK’s oversight.
“While MPL was granted sufficient time to address its violations, its compliance has continued to deteriorate, putting customer funds at risk,” CBK’s statement read.
