That is after Tanzania Communications Regulatory Authority (TCRA) officially blessed its application to do payment business and provide the related digital financial services in the country.
The TCRA licence approval is a pivotal step towards officially becoming a digital payment service provider that also requires authorization of the Bank of Tanzania (BoT).
The company said in a July 28 presser that it has now received the National Application Service License (AS) from TCRA that will enable it drive connected digital payments to consumers and businesses in the country.
“Tanzania’s mobile penetration reached 85 per cent by early 2020. Given the growth of mobile commerce transactions in this region, this license reinforces Pesapal objective to offer affordable, innovative, and easy to use solutions for small businesses and consumers alike,” said Bupe Mwakalundwa, the Country Manager of Pesapal Tanzania.
According to the statement, Pesapal looks forward to collaborating with players in Tanzania to increase digital inclusion by enabling merchants to easily receive payments through various channels and making it simple and convenient for consumers to pay for products and services.
Founded in 2009, Pesapal currently operates in six African markets, namely Kenya, Uganda, Malawi, Zambia, Rwanda and Zimbabwe.
Principally the financial technology (fintech) company offers e-commerce and point-of-sale (POS) payment processing support.
“Pesapal makes it easy for people and businesses to make, receive and manage payments. Pesapal partners with banks, mobile network operators and credit card companies to give its customers as many payment options as possible,” reads the statement.
It adds that the acquisition of TCRA license, which is under the new converged licensing framework, demonstrates Pesapal’s commitment to drive connected digital payments to consumers and businesses across the African continent.
Pesapal’s vision is to be Africa’s safest and most convenient way to pay and get paid. The company intends to lead as a reliable payment service provider in Africa that offers digital financial services for individuals and businesses by providing alternative payments solutions for merchants and consumers.
Its operations in Tanzania will greatly support the national digital and financial inclusion agenda. In where it currently does business, Pesapal has also significantly democratized payments by providing affordable, innovative, and customized payment solutions to businesses and consumers.