The Central Bank of Kenya (CBK) has given fintech firm Pesapal, the green light to operate as a payment service provider.
The approval will see Pesapal offer its services as a payment gateway in accordance with the National Payment System (NPS) Act, 2011, and NPS Regulations 2014.
Following the authorization, Pesapal issued a statement, saying they can now offer digital e-commerce services.
“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.
Pesapal has expanded its operations to Uganda, Tanzania, Rwanda, Malawi and Zimbabwe since its inception in Kenya in 2009. It was among the first fintech to venture into digital payments for businesses and individuals.
Pesapal recently attained the regulatory requirements in Kenya and Tanzania. The latter issued an Application Service License allowing the firm to operate in the country.