The Central Bank of Kenya (CBK) has granted authorization to Pesapal Limited as a Payment Service Provider (PSP) in Kenya and an Application Service License for Tanzania.
This is a boost to E-commerce businesses as they shall grow and expand further in East Africa.
The authorization enables Pesapal to carry out Payment Gateway Services in compliance with the National Payment System (NPS) Act, 2011, NPS Regulations 2014.
The twin milestones will enable consumers and businesses in the two East African economies to make and receive online payments seamlessly.
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 COVID-19 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 which demonstrates our commitment and ambition to impact the online payments ecosystem,” said Mwongela.
With the Pesapal payment gateway, businesses will accept online payments seamlessly and consumers, shoppers, tourists will have access to a secured payment service at the comfort of their homes in a secured online environment.
Pesapal Tanzania Country Manager Mr. Bupe Mwakalunda said due to cashless mode of payment and observing social distance due to COVID-19, the platform accelerate cashless system, more so in Tanzania to reshape her future of commerce.
Pesapal was founded in 2009 and currently operates in Kenya, Uganda, Tanzania, Rwanda, Malawi and Zimbabwe.