Central Bank of Kenya(CBK) has been restrained interfering with the operations Operations of ‘Our Open Market Limited, Creative World Architects and all other companies served by those companies.
In a ruling on Tuesday, Justice Mulwa instructed the lawyers representing the two parties CBK and OUR OPEN MARKET LTD owners to file the respective submissions before November 8 when the case is expected to be heard. The ruling gave the temporary reprieve to the company whose office items were vandalised and forcefully took over control of the Data Centers, Data, Software Systems, computers, and equipment of the said companies from the CBK officials.
Subsequent to the seizure, the officials from CBK served the firms directors with a letter dated 26th Oct.2021 revoking the license of Mobile Pay Limited as a Payment Services Provider, which action was taken unprocedurally and without compliance of the law.
Mobile Pay Ltd is a Software Company that provides safe and secure Payments and Business Automation Software for SACCOs and other companies that automates all their operations without the need to have very many software providers. The Software comes ready to go and and Companies just need to configure their accounting back-end and create products in the system in minutes which become available immediately to their customers over Mobile Phones and internet.
MEMBERS FUNDS SAFE;
According to the Firms Director,He assured its members that the funds are safe despite numerous false report on its misappropriation or funds at risk.”We wish to bring to the attention of the General Public that contrary to CBK press release indicating that “customer funds maybe at risk” and that “Public Trust” could be eroded no customer funds were exposed to any risk and all customer funds have always been available and safe since 2011 (last 10 years) and no complaints of any nature were raised with them by our customers.
”No customer funds were exposed to any risk and all customer funds have always been available and safe since 2011,and no complaints of any nature were raised with them by our customers”, Said the firm’s Chief Executive Mr.Oscar Ikinu.
Abiding by the law,Mobile Pay Ltd(MPL) is the smallest of all the four mobile payments service providers in the Country-(PSP’s)sharing only 0.001 percent of total mobile money subscribers which beg a question on the action by the regulator(CBK) as un-procedural, without compliance of the law and its gives the individual player uninterest to discharge its mandate in the industry.
The Firms directors are hoping for the CBK to follow and abide with the High court ruling and comply with the orders as served.
