More than a year after receiving a payment service provider licence from the Central Bank of Kenya, Uruguayan-born payments firm dLocal has signed a collaboration agreement with Kenya Commercial Bank (KCB).
KCB Bank's approval of dLocal facilitates the flow of remittances through the country's official banking system.
According to dLocal, working directly with the KCB eliminates the need for third-party involvement, making transactions cheaper, faster, and more dependable for its clients.
"Obtaining licencing in Kenya is an exciting milestone for us. As Africa's fifth largest inbound remittance market, many other markets look to Kenya for regulatory frameworks and offerings," said John O'Brien, chief revenue officer at dLocal.
"This new approval will provide a fast, streamlined, and reliable option to Kenyan consumers and paves the way for further growth for dLocal's payment solutions."
dLocal, established in 2016, is a cross-border payment processor that connects global merchants with emerging countries.
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