DIGITAL PAYMENTS

CBK authorises Pesapal Kenya to provide payment services

The approval comes after Pesapal met regulatory requirements in Kenya and Tanzania.

In Summary

•The approval allows Pesapal to carry out Payment Gateway Services in compliance with the National Payment System (NPS) Act, 2011, and NPS Regulations 2014.

•Pesapal said this will enable it to offer digital e-commerce services, as it accelerates innovation in digital payments.

Pesapal Chief Executive Officer Mark Mwongela
Pesapal Chief Executive Officer Mark Mwongela
Image: Courtesy

The Central Bank of Kenya has authorised fintech company Pesapal Kenya to act as a Payment Service Provider.

In a statement, Pesapal said this will enable it to offer digital e-commerce services, as it accelerates innovation in digital payments.

The approval allows Pesapal to carry out payment gateway services in compliance with the National Payment System (NPS) Act, 2011, and NPS Regulations 2014.

“We are delighted to have this authorization by the CBK. We will continue to enable payments for merchants and consumers,” Pesapal CEO Mark Mwongela said. 

Founded in 2009, the digital payments company has over the years expanded its operations into Kenya, Uganda, Tanzania, Rwanda, Malawi, and Zimbabwe, as it seeks to become leading Payment Service Provider offering digital financial services for individuals and businesses.

The CBK approval comes a few days after Pesapal met regulatory requirements in Kenya and Tanzania.

In Tanzania, the firm received an Application Service License allowing it to operate in the country.

 

Edited by CM