Kenya-based Pesapal, a provider of payment processing services – primarily point-of-sale (POS) – boasts two recent approvals to conduct business in major East African markets.
Approval has come from the Tanzania Communications Regulatory Authority (TCRA), according to a press release.
“Mobile penetration in Tanzania reached 85% at the start of 2020,” Bupe Mwakalundwa, director of sales and marketing at Pesapal, said in the statement. “Given the growth of mobile business transactions in this region, this license reinforces Pesapal’s goal of delivering affordable, innovative and easy-to-use solutions for small businesses and consumers. “
“Pesapal makes it easy for individuals and businesses to make, receive and manage payments,” she added in the statement. “Pesapal partners with banks, mobile network operators and credit card companies to offer its customers as many payment options as possible.
Pesapal said in the statement that the company has a track record of democratizing payments by providing personalized solutions to businesses and customers and that it will continue this work in Tanzania.
Pesapal also received formal approval to do important business in Kenya, according to a separate press release.
Kenyan media outlet Capital Business quoted Mwakalunda as saying: “The pandemic has accelerated the shift to a cash economy. We are investing in Tanzania to reshape the future of commerce. For merchants, digital payments mean reducing the costs associated with managing and losing money, and expanding their customer base as more and more people move away from cash.
“We are delighted with the regulatory approvals,” Pesapal CEO Mark Mwongela said of Capital Business. “This demonstrates our commitment and ambition to have an impact on the online payments ecosystem. I believe this will allow e-commerce businesses to grow and develop further in East Africa.
According to the first version, Pesapal was founded in 2009. In addition to Tanzania and Kenya, the company operates in Uganda, Malawi, Zambia, Rwanda and Zimbabwe.