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Pesapal Finally Receives Regulatory Approval from CBK

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Electronic payments firm Pesapal has now been accredited by the Central Bank of Kenya (CBK) as a payments solutions provider. This happened simultaneously with it receiving a service licence to officially operate in Tanzania.

According to the fintech company, the regulatory approvals will enable it to offer digital e-commerce services seamlessly. This is as Pesapal looks to accelerate innovation in digital payments.

The Tanzania Communications Regulatory Authority (TCRA) issued the firm with a National Application Service Licence, which allows it to operate in the country.

Pesapal CEO Mark Mwongela spoke of this breakthrough saying, “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.”

Formed in 2009, Pesapal has been operating as a payment gateway that enables users to use their credit cards, banks and mobile networks to settle bills from one portal. As it stands, the company now operates in Kenya, Tanzania, Uganda, Rwanda Malawi and Zimbabwe.

“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 Ms Bupe Mwakalundwa, Pesapal Tanzania country manager.

This could finally help the firm settle and involve more companies in its portal to help customers settle even more bills directly through the app.

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