Virtual Pay CEO David Morema Predicts Rapid Growth of Swipe-to-Pay in Kenya & Beyond

In this section of the interview with David Morema, CEO of Virtual Pay, he shares his bold expectations for the company’s future. Morema envisions Virtual Pay dominating the “swipe to pay” market across Kenya and Africa with the same speed and ubiquity that artificial intelligence has taken over the internet.

He identifies key retail sectors that stand to benefit the most from Virtual Pay’s services—namely, taxi drivers, restaurants, motorcycle riders, and small businesses that currently lack access to traditional POS machines. These underserved segments, according to Morema, represent a significant opportunity for Virtual Pay’s innovative and flexible payment solutions.

Looking ahead, one of Virtual Pay’s top strategic goals for the next two years is to secure acquiring licenses from major global payment networks such as VISA and MasterCard. Morema confirms that the company is already actively working toward this objective, which he believes will be instrumental in scaling Virtual Pay’s presence and capabilities across the continent.

In his words, Mr Morema says, “In the next two to three years, our main goal for Virtual Pay is to obtain an acquiring license from Visa and, subsequently, from MasterCard. This is a project we are working on very intensively. We have already completed our GRS audit and performed well, although there are still a few areas we need to address. This initiative is our top priority over the next two years.

We aim to become a full acquirer, similar to a bank. About two years ago, Visa approached us, expressing interest in us applying to be an acquirer. They provided us with a comprehensive list of requirements, and we have been diligently working through them. We feel we are getting close to achieving this milestone.

Becoming a full acquirer means we would interact directly with payment schemes like Visa and MasterCard, without the need to go through a bank. Currently, we have to collaborate with several acquirers, which can sometimes lead to delays. By becoming a direct acquirer, we can streamline our processes and offer more efficient services. This vision is the most significant focus for us as we look to the future”.