FAQs

FAQs

BEGINNER

BaaS (Banking-as-a-Service)

A digital product where banks expose their financial services, e.g., via APIs, H2H, etc., so third-party developers can build applications on top of them.

API Banking

The secure, authorized sharing of financial data, services, and functionalities (payments, transfers, account management, ID verification, etc.) through programmatic interfaces instead of traditional bank portals. It acts as a digital bridge, allowing external software to directly access banking functions without needing the bank's own app.

MSB – Money Services Business

A regulatory classification (common in Canada, U.S., and other jurisdictions) for non-bank financial institutions that provide services such as money transmission, currency exchange, check cashing, or stored value issuance. Equivalent licensing categories may exist under different names in other countries.

MRP – Money Remittance Provider

An entity licensed by CBK to facilitate domestic and/or cross-border fund transfers on behalf of customers. In many jurisdictions, this category is called MTO (Money Transfer Operator) or falls under a broader payments/remittance license.

PSP – Payment Service Provider

A licensed institution that enables businesses to accept and process payments (cards, bank transfers, wallets, etc.) without needing to become financial institutions themselves.

DCP – Digital Credit Provider

A regulated lender that offers credit through digital channels (e.g., mobile or online platforms).

LONO — Letter of No Objection

A formal document issued by a regulator (usually CBK) confirming that it has no objection to a proposed activity, partnership, product launch, or integration.

Whitelisting

The process of allowing only approved accounts or endpoints to access a service or API for security/compliance purposes.

POP (Purpose of Payment)

A document, receipt, or digital confirmation justifying the legitimacy of a transaction.

Callback URL

A URL provided by the BaaS partner to receive asynchronous notifications from our APIs when an event occurs (e.g., transaction result notification).

PesaLink

A Kenyan interbank transfer service that allows instant money transfers between accounts in different banks.

PesaLink Sponsorship

A model that allows us to provide unlicensed BaaS customers with access to PesaLink services at subsidized transaction costs.

Rail

A payment network or infrastructure that facilitates the movement of money between accounts, banks, or systems.

Embedded Finance

Integrating financial services (payments, lending, insurance, etc.) directly into other, possibly non-financial, platforms or apps.

API Signing

A security mechanism where API requests are digitally signed to verify authenticity and integrity.

Base URL

The root URL for accessing an API’s endpoints in either sandbox or production environments.

Remittance

Transfer of money from one party to another, often across borders.

Who is BaaS meant for?

Payment service providers, fintechs, finance startups, really anyone who wants to hold and move money.

What do I need to be a Choice Bank customer?

Please contact our branch operations team; they'll get you started. See their contacts here.

What do we need to use BaaS?

Any client-facing digital product meant to hold and/or move money or any such use-case — perfect for BaaS. See our contacts here.

What is the process of opting into BaaS?

Use-case alignment > Technical kick-off > Sandbox testing > Go-live

Where can I study your APIs?

See our GitBook documentation.

What do you offer as BaaS products/models?

We offer BaaS under three main models: Virtual Account, Sub-account, and IMT model. Your particular use-case and licensure status will determine which one best suits your business.

Which payment channels/methods do you support?

See full list here.

Do you offer 24/7 support?

No, as a bank we operate only during working hours (8am to 4:30pm EAT), but off-hours support is available in cases of serious downtimes.

Must I onboard my business using its official registered name?

Yes, for merchants coming on as business customers and SME onboardings via API, this is mandatory.

Is proof of license application acceptable?

Yes, certain features/exemptions are available if you can provide evidence of an active application process for the requisite license.

For BaaS, how long can I expect integration and testing to take?

This depends on your tech team’s availability and the sophistication of your use-case, but based on past integrations, it typically takes 1–3 months.

Can we get a free BaaS trial?

Yes, this can be granted for up to one month, subject to deliberation with your account manager.

What is Choice Bank's bank code?

46 (for SWIFT: 82)

Do you have a collection of your APIs?

Yes, this is available and will be provided once you're signed up.

Can we open accounts ourselves?

The procedure for all account types is: lodge a request for account creation (standard or API onboarding), which we then act on once all requisite details/documents are submitted and validated.

SANDBOX

PRODUCTION