Login

Lost your password?

Sign Up

Register

Login

Login

Lost your password?

Register

Wednesday, May 18, 2022
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion

Africa's
Investment
Gateway

The Exchange
  • Login
  • Register
Subscribe
This Month's Edition
Previous Editions
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
No Result
View All Result
The Exchange
LOGIN
Pesapal Kenya Tanzania

Pesapal gets regulatory requirements in Kenya, Tanzania – The Exchange

Kenya, Tanzania grants Pesapal regulatory requirements

Pesapal Limited has been accredited as a Payment Service Provider in Kenya and an Application Service License for Tanzania

by Wanjiku Njugunah
August 20, 2021
in Business, Kenya, Tanzania
0
Share on FacebookShare on LinkedIn

E-commerce and payment company Pesapal Limited has been accredited as a Payment Service Provider in Kenya and an Application Service License for Tanzania, amid the acceleration of the online payment industry in Africa, which has been growing since the beginning of 2020.

In a statement, Pesapal says the milestones will enable consumers and businesses in the two East African economies to make and receive online payments seamlessly. 

Kenya’s Central Bank has already granted authorization to Pesapal Limited as a Payment Service Provider (PSP) to carry out Payment Gateway Services in compliance with the law.

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.

Commenting on the twin milestone, Pesapal Chief Executive Officer Mark Mwongela said the pandemic has accelerated the usage of digital payments.

He added that the firm 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 the e-commerce businesses to grow and expand further in East Africa,” Mwongela said.

Mwongela said the service, businesses can accept online payments seamlessly. Consumers, shoppers, tourists, and visitors coming to Kenya will have access to a secured payment service.

Safaricom Moves To Deepen Mobile Payments Use

Moreover, consumers will now be able to transact online from the comfort of their homes. All this will be carried out in a secured online environment.

“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 Mwakalunda, Pesapal Tanzania Country Manager said.

The company, which was founded in 2009, has operations in 6 African countries namely Kenya, Uganda, Tanzania, Rwanda, Malawi, and Zimbabwe. According to the firm, the financial technology (fintech) company offers e-commerce and point-of-sale (POS) payment processing support.

Online payment growing

The development comes at a time when a new report has indicated that the Middle East and Africa’s online payment industry has accelerated since the beginning of 2020.

According to the Research and Markets survey, one of the major drivers of the growth was the COVID-19 pandemic.

The survey says that consumers in the region were open to adopting digital payments and even trying new emerging ones such as cryptocurrency, biometrics, QR code, and others since these are fast, secure, and contactless.

Mastercard, Vodacom ink a cashless system deal

The report found that many people surveyed opted for using cryptocurrency more than they did last year.

In addition, even after the removal of social distancing/social isolation measures, most shoppers still preferred to use mobile phones/smartphones to purchase.

“Generally, in the countries of the two regions, card and mobile payments dominated,” the survey said.

In South Africa and Egypt for instance, the survey says that the value of card payments was expected to grow steadily in the next several years. In Egypt, the number of electronic cards increased considerably from December 2017 and exceeded 40 million in December 2020.

The survey adds that in Morocco, local card payments prevailed foreign card payments.

“The value of digital transactions via Moroccan cards rose to over MAD 4 billion (about EUR 400 million) in the first 9 months of 2020, while online payments value with a foreign card declined from 2019 and reached slightly above MAD 225 million (over EUR 21 million) in the first 9 months of 2020,” it says.

A February 2021 finding by the Central Bank of Kenya however found that the value of payments made through cards in 2020 dropped for the first time in 6 years amidst the lockdown measures and continued preference for mobile money services.

The CBK finding revealed that the value of payments through point of sale (POS) machines dropped by 3.8 percent in 2020 to Sh157.72 billion from Sh164.09 billion in 2019.

However, CBK indicated that despite the drop in absolute value, the number of transactions through POS machines increased by 1.49 million or 4.5 percent to 34.71 million in the year.

Tags: card paymentFeaturedKenyaTanzania

STATE OF ECONOMY - GET THE REPORT

ASSESSING EAST AFRICA

Loading...

Wanjiku Njugunah

Wanjiku Njuguna is a Kenyan-based business reporter with experience of more than eight years.

Related Posts

Congo joins the EAC (www.theexchange.africa)
Business

What does it mean for regional trade, investment after DRC became EAC’s 7th Member State?

May 18, 2022
Growth in employment earmarks Kenya's post-pandemic economic recovery. www.theexchange.africa
Countries

Growth in employment earmarks Kenya’s post-pandemic economic recovery

May 11, 2022
www.theexchange.africa
Business

Technology: Liquid Intelligent acquires Israeli tech firm to expand its digital solutions offering

May 9, 2022
Next Post
VISA GMSA Report e-commerce

Sub-Saharan African showing strong potential of E-commerce growth: VISA

sanlam Kenya

Sanlam restructures foreign currency loans amid Sh291.8mn loss

Startup Investment in Africa

How and Why startup Investment in Africa

Please login to join discussion




This months edition

May Edition

Features

EdTech role in African development
Tech & Business

EdTech’s role in African development

by Kanyali Muthui
May 16, 2022
0

Due to the pandemic, the topic of innovation in education has never been more crucial.  While most developed countries moved...

Read more
investment in African science and technology
Tech & Business

Investing in Africa’s science and technology: Where are we now?

by Kanyali Muthui
May 16, 2022
0

The continent’s digital revolution can largely be driven by building the necessary skills for the short- and long-term future, and...

Read more
Fintech revolution in Africa
Tech & Business

The Fintech Revolution in Africa’s FX Markets

by Kanyali Muthui
May 11, 2022
0

With over 548 million registered mobile money users in sub-Saharan Africa, increased internet access and readily available mobile money solutions,...

Read more
www.theexchange.africa
Countries

US – Nigeria Trade Relations: An Overview

by Wanjiku Njugunah
May 2, 2022
0

Nigeria is currently the United States' 54th largest goods trading partner, with US$7.8 billion in total goods trade as of...

Read more
A previous conference for African Insurtech sector. The Insurtech boom is deepening insurance uptake in Africa. www.theexchange.africa
Tech & Business

Insurtech boom deepening the uptake of insurance in Africa

by june njoroge
May 2, 2022
0

Kenya-based Pula is another distinguished insurtech making waves in the continent. It provides small scale farmers with agricultural insurance and...

Read more

News

Banking
Industry & Trade
Investing
Money Deals
Regional Markets
Tech & Biz
Opinion

Countries

Kenya
Tanzania
Uganda
Burundi
Rwanda
Southern Africa
Ethiopia

More

My Account
Contact us
Advertise
About us
Help Center

Subscribers Center

E-paper
Premium Stories
Education Rates
Corporate Subscriptions
Weekely Newsletter

  • My account
  • About us
  • Advertise
  • Contact
  • Privacy Policy
  • Refund Policy – The Exchange
  • Sitemap

No Result
View All Result
  • Home
  • Banking
  • Industry & Trade
  • Investing
  • Money Deals
  • Regional Markets
  • Tech & Biz
  • Countries
  • Opinion
  • Login
  • Sign Up
  • Cart

© 2021 The Exchange - Powered by MediapixManaged by Supported by Digihandler,

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In