Pesapal Limited has received accreditation as a Payment Service Provider in Kenya and an Application Service License for Tanzania.
The regulatory approvals will enable consumers and businesses in the two East African economies to make and receive online payments seamlessly.
The Central Bank of Kenya has granted authorization to Pesapal Limited as a Payment Service Provider (PSP) to carry out Payment Gateway Services in compliance with the National Payment System (NPS) Act, 2011, NPS Regulations 2014.
In Tanzania, the company has received the National Application Service License (AS) from Tanzania Communications Regulatory Authority (TCRA), effectively enabling Pesapal to operate in the country.
Pesapal Chief Executive Officer Mark Mwongela said the pandemic has accelerated the drive towards digital payments and the company is innovating to meet the emerging customer trends like e-commerce.
“We are excited about the regulatory approvals. This demonstrates our commitment and ambition to impact the online payments ecosystem. I believe this will enable the e-commerce businesses to grow and expand further in East Africa,” Mr. Mwongela said.
With the Pesapal payment gateway, businesses will accept online payments seamlessly. For consumers, shoppers, tourists and visitors coming to Kenya will have access to a secured payment service. Moreover, consumers will now be able to transact online from the comfort of their homes. All this will be carried out in a secured online environment.
“The pandemic has accelerated the move to a cash-lite economy. We are investing in Tanzania to reshape the future of commerce. For merchants, digital payments mean reducing costs associated with handling and losing cash, and broadening their customer base as more and more people move away from cash,” Mr. Bupe Mwakalunda, Pesapal Tanzania Country Manager said.
Founded in 2009, Pesapal currently operates in Kenya, Uganda, Tanzania, Rwanda, Malawi and Zimbabwe. Principally the financial technology (fintech) company offers e-commerce and point-of-sale (POS) payment processing support.
Pesapal’s vision is to be Africa’s safest and most convenient way to pay and get paid. The company intends to lead as a reliable payment service provider in Africa that offers digital financial services for individuals and businesses by providing alternative payments solutions for merchants and consumers.
Its operations in Tanzania will greatly support the national digital and financial inclusion agenda. In all its markets, Pesapal has significantly democratized payments by providing affordable, innovative, and customized payment solutions to businesses and consumers.
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