I&M Bank Ltd. in Kenya has received a license from Visa Inc. to process online credit card payments for goods and services in East Africa.

It is the first bank in eastern and central Africa to get authority from Visa, the world's largest electronic payment network, to carry out Visa Internet transactions, Victor Ndlovu, Visa's manager for sub-Saharan African, said Wednesday in an interview in Nairobi.

I&M Bank tested the system in November and aims to sign up about 10 merchants in Kenya every month, Suprio Gupta, I&M's general manager of marketing, told reporters.

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