The firm received accreditation as a Payment Service Provider in Kenya and an Application Service License for Tanzania.
E-commerce and payment gateway Pesapal Limited has been accredited by the Central Bank of Kenya as as a Payment Service Provider.
In Tanzania, the firm received an Application Service License allowing it to operate in the country.
The firm says the approvals will enable consumers and businesses in the two economies to make and receive online payments seamlessly.
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,” 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.
“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,” Bupe Mwakalundwa, 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.
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.