Pesapal Tanzania, a licensed payment service provider and provider of digital solutions, and I&M Bank Tanzania announced a strategic partnership on Wednesday.
By offering preferential access to Pesapal’s Point of Sale (POS) terminals, e-commerce platforms, and mobile payment solutions, I&M Bank Tanzania will enhance its offering to business clients.
The partnership seeks to assist Tanzanian businesses, especially SMEs and mid-sized enterprises, through secure, dependable, and scalable payment solutions for in-person and online transactions.
Pesapal and I&M Bank Tanzania are collaborating to promote convenient, cashless services for business clients and to propel financial innovation.
About I&M Bank
I&M Bank began as a financial services firm in 1974 before evolving into a commercial bank. I&M Holdings Limited, which is listed on the Nairobi Securities Exchange (NSE), is the parent company of I&M Bank.
The bank has a lengthy history in the banking industry. Since its founding in 1974, it has grown from a small community bank to a large regional commercial bank with a public listing that provides a wide range of corporate and retail banking services.
The Nairobi Stock Exchange began trading I&M Bank shares in June 2013 after I&M Holdings Ltd., a publicly traded company, acquired all of the bank’s shares. I&M Bank is a prominent player in the steadily expanding Kenyan market, offering various innovative products and services.
A development finance company owned entirely by the UK government, CDC Group PLC, owns roughly 10.68% of I&M Holdings, the holding company of I&M Bank Ltd.
International Finance Corporation and I&M Bank also have a technical support agreement for risk management, product development, and employee training.
Proparco, IFC, DEG, and FMO—all European Development Financial Institutions—offer medium-term foreign exchange credit facilities to I&M Bank.
About Pesapal
Pesapal is a prominent provider of payment services with local expertise in developing business tools and payments for Africa.
Pesapal has empowered tens of thousands of African companies and entrepreneurs to receive money in-person and online through bank transfers, cards, and mobile devices since 2009.
It supports this with well-known digital tools for merchant credit, ticketing, reservations, reporting, inventory, APIs, and more
The payment services provider makes it easy and secure for customers to make reservations and pay through the Pesapal App or at the point of sale.
It handles up to 12 million monthly transactions in collaboration with its telecom, bank, and credit card partners. The Central Banks of Kenya, Uganda, Tanzania, and Rwanda regulate Pesapal’s operations.
The company plans to link one million African consumers and business owners to the global financial system, e-commerce, and electronic payments by 2030.