In Kenya, Pesapal Limited has been accredited as a Payment Service Provider, and in Tanzania, it has been granted an Application Service License.
Consumers and businesses in the two East African economies will be able to make and receive online payments with ease as a result of the two milestones.
Pesapal Limited has been approved as a Payment Service Provider (PSP) by the Central Bank of Kenya to provide Payment Gateway Services in accordance with the National Payment System (NPS) Act, 2011, and the NPS Regulations 2014.
The epidemic, according to Pesapal Chief Executive Officer Mark Mwongela, has expedited the shift to digital payments, and the company is innovating to suit rising customer trends such as 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.” Mark Mwongela Pesapal CEO.
What this means for businesses
Businesses may take online payments with ease using the Pesapal payment gateway. Consumers, shoppers, tourists, and visitors to Kenya will be able to use a safe payment system. Furthermore, consumers will be able to conduct business online from the convenience of their own homes. All of this will take place in a safe online environment.
According to Pesapal, the pandemic has hastened the transition to a cashless economy. For businesses, digital payments imply lowering the costs of managing and losing currency, as well as expanding their customer base as more individuals abandon cash.
Pesapal’s mission is to be the safest and most convenient way to send and receive money throughout Africa. By providing alternative payment alternatives for merchants and consumers, the company aspires to be Africa’s most trusted payment service provider, providing digital financial services for individuals and enterprises.