Wednesday, Aug 17, 2022
International Finance
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Kenyan fintech Pesapal receives authorisation from the central bank

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The company can now run its payment gateway services in compliance with National Payment System (NPS) Act 2011

Kenya-based fintech service provider (PSP) Pesapal has earned the official title after the Central Bank of Kenya granted the company an authorisation, according to media reports. This means that Pesapal is now free to run its payment gateway services in compliance with the National Payment System (NPS) Act 2011, NPS Regulations 2014.

Mark Mwongela, CEO of Pesapal told the media, “We are delighted to have this authorisation by the CBK. We will continue to enable payments for merchants and consumers.” Founded in 2009, the company provides a simple, safe and secure way for people and businesses to make and accept payments in Kenya.

The company’s primary objective is to democratise payments by providing affordable, innovative, and customised payment solutions to businesses and consumers alike. Currently, the company operates in Kenya, Uganda, Tanzania, Malawi, Zambia, and Rwanda.

Pesapal also brings together local mobile money payment methods, Visa, MasterCard and American Express. By connecting once, customers can have access to all for both online and over the counter payments.

In 2019, Pesapal announced the integration of Samsung Pay, Apple Pay, FitBit Pay and Google Pay payments on its new tap-and-go, contactless Sabi M010 terminals. Since then, a large number of business owners in East Africa have been conveniently accepting digital wallet payments from their customers as more consumers look for cashless options.

The vision of the company is simple. It aims to become Africa’s safest and most convenient way to pay and get paid. In future, the company also intends to lead as a reliable Payment Service Provider in Africa which offers digital financial services to individuals and businesses.

Image credit: Pesapal

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