This archive report was first published on 19 August 2021.
Published on August 19, 2021, Pesapal Limited has achieved a significant milestone by receiving accreditation as a Payment Service Provider in Kenya and an Application Service License for Tanzania.
These regulatory approvals will enable consumers and businesses in Kenya and Tanzania to make and receive online payments with ease, driving the growth of e-commerce in the region.
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, and NPS Regulations 2014.
Meanwhile, in Tanzania, Pesapal has received the National Application Service License (AS) from the Tanzania Communications Regulatory Authority (TCRA), allowing the company to operate in the country.
According to Pesapal Chief Executive Officer Mark Mwongela, the pandemic has accelerated the drive towards digital payments, and the company is innovating to meet 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 e-commerce businesses to grow and expand further in East Africa," Mwongela said.
With the Pesapal payment gateway, businesses will be able to accept online payments seamlessly, while consumers will have access to a secured payment service, enabling them to transact online from the comfort of their homes.
"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," said Bupe Mwakalunda, Pesapal Tanzania Country Manager.
Founded in 2009, Pesapal currently operates in Kenya, Uganda, Tanzania, Rwanda, Malawi, and Zimbabwe, offering e-commerce and point-of-sale (POS) payment processing support.
