The Bank of Zambia has granted Sabipay Technologies, a subsidiary of Pesapal Limited, a Payments System Business licence, in a move that is anticipated to facilitate the provision of customised payment solutions to businesses and consumers across the nation.
With the Payments System Business licence, Sabipay Technologies can take card payments, mobile money payments, and online payments. This license will allow Sabipay to make the electronic payments environment in Zambia more efficient and open to everyone.
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“We are thrilled to receive the Bank of Zambia Payments System Business licence. This success supports our commitment to growing regional reach and promoting financial access and economic prosperity. Sabipay aims to deliver innovative, accessible, and user-friendly payment solutions that will change how businesses and consumers transact financially, said Pesapal Limited CEO Agosta Liko.
Background on Pesapal and Sabipay
Pesapal, an established fintech company based in Kenya, has been at the forefront of transforming digital payments across Africa. Founded in 2009, Pesapal offers a comprehensive suite of payment solutions, including online and mobile payments, point-of-sale systems, and e-commerce integration. With operations spanning multiple African countries, Pesapal has made substantial inroads into enhancing financial inclusion and digital financial services.
Sabipay, the Zambian arm of Pesapal, extends this vision. It aims to provide Zambian consumers and businesses with reliable and efficient payment solutions. The e-payments license from the Bank of Zambia is a crucial component of Sabipay’s strategy to expand its footprint and influence in the Zambian market.
Exploring Sabipay’s Impact on Zambian Financial Services
Sabipay Technologies’ new licence will significantly develop Zambia’s finance industry. Better payment capabilities will help businesses, customers, and the financial ecosystem. These developments increase Pesapal’s regional foothold and demonstrate fintech’s revolutionary potential for economic growth.
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In Zambia, Sabipay will serve small retail shops accepting mobile payments and significant enterprises needing sophisticated internet payment gateways. Seamlessly managing payments across platforms allows businesses to give clients a more flexible and convenient payment experience.
A stable and flexible payment system gives consumers more options and convenience. Sabipay simplifies and improves shopping in-store, online, and via mobile payment options. This ease of use will likely increase Zambians’ adoption of electronic payments, integrating the digital economy into daily life.
Securing the e-payments license from the Bank of Zambia marks a significant achievement for Sabipay and Pesapal. It reflects their commitment to enhancing digital financial services in Zambia and contributing to economic development. As Sabipay embarks on this new chapter, it holds the potential to revolutionise the way Zambians conduct financial transactions, driving financial inclusion and fostering economic growth.