NAIROBI, Kenya, Feb 20 – Digital payment platform Tendepay has received approval from the Central Bank of Kenya (CBK) to operate as a licensed Payment Service Provider (PSP), marking a significant step in Kenya’s evolving fintech landscape.
The authorization allows Tendepay Limited to process and settle payments on behalf of merchants, enhancing efficiency in digital transactions.
Tendepay CEO Abel Masai said the platform is designed to help businesses digitize payments, reducing risks such as misuse and theft.
“We are excited to receive this authorization, which enables us to expand our payment solutions across Kenya. We appreciate the CBK for fostering local fintech innovation and creating an enabling regulatory framework,” Masai stated.
Tendepay’s solution caters to enterprises of all sizes, including microfinance institutions (MFIs), distributors, contractors, logistics companies, accountants, and micro, small, and medium enterprises (MSMEs).
The platform provides a secure, automated system for managing financial transactions, improving oversight, and optimizing business expenditure.
“Tendepay ensures better control, visibility, and accountability through multi-user approval processes while generating comprehensive expenditure reports,” Masai added.
Founded in 2020, Tendepay offers a spend management platform that supports petty cash management, bulk payouts, salary processing, reconciliations, and ERP integration.
It also facilitates one-off and recurring payments via M-Pesa, bank transfers, and paybill integrations, including bulk disbursements for casual employees and airtime payments.
With CBK’s approval, Tendepay aims to strengthen Kenya’s digital payments ecosystem, providing businesses with a secure, efficient, and scalable financial management solution.
