The Central Bank of Kenya (CBK) has revoked the authorization of PayU Kenya Limited as a licensed Payment Service Provider (PSP) following the company’s voluntary decision to wind down its business operations in the country.
In a statement on October 24, CBK confirmed that the decision was made at PayU’s own request, and that the company has since complied with all the legal and regulatory requirements governing the termination of PSP operations.
This includes the settlement of all outstanding customer funds and closure of any financial obligations linked to its Kenyan operations.
“The Central Bank of Kenya (CBK) has revoked the authorization of PayU Kenya Limited (PayU) as a licensed Payment Service Provider (PSP). This is after PayU made an official application to voluntarily cease business operations in Kenya,” read the statement.
CBK Revokes PayU Kenya’s License After Firm Ceases Operations
PayU will no longer conduct the business of a payment service provider in Kenya.
PayU Kenya, which had been licensed by CBK on March 23, 2023, formally applied to cease operations after its Board of Directors conducted a comprehensive review of the firm’s strategic direction and long-term business plans.
Also Read: Tough Times as CBK Revokes License of Money Remittance Firm After Shutdown
PayU Kenya operated as part of the global PayU network, a multinational financial technology company that provides online payment services across over 50 markets worldwide.
The firm entered the Kenyan market as part of efforts to tap into the country’s fast-growing digital payments ecosystem.
CBK reaffirmed its commitment to maintaining the safety, stability, integrity, and efficiency of Kenya’s payment systems, noting that the revocation aligns with its ongoing oversight to ensure compliance among all licensed financial technology players.
Also Read: Only One Kenyan Bank Has Submitted New Loan Pricing Model- CBK
PayU’s Exit From Kenya
In August 2025, global payment firm PayU confirmed the closure of its Kenyan operations, marking the end of a six-year run in the country’s fast-growing fintech landscape. The company has since entered liquidation, a move formalized by a Kenya Gazette notice in which the firm’s members resolved to wind up operations.
The notice also confirmed the appointment of Sonal Tejpal as liquidator, effective August 19, 2025, in accordance with the provisions of Kenya’s Insolvency Act.
PayU, headquartered in the Netherlands and owned by global consumer internet group Prosus, is one of the world’s leading payment service providers.
The company operates in over 50 markets globally, with a strong presence across India, Latin America, and Europe.
The firm made its East African debut in 2019, launching in Kenya through a partnership with Cellulant, a Nairobi-based fintech company.
The collaboration enabled local merchants to accept a wide range of payment options — including mobile money, bank transfers, and card payments — through PayU’s integrated global platform.
For six years, PayU supported digital commerce and online payment infrastructure in the region.
Its liquidation now adds to the list of international fintechs that have exited the Kenyan market.
Follow our WhatsApp Channel and X Account for real-time news updates.
Our team was searching for best property management software for small landlords, and this looks like a perfect match.