Pesapal has received the National Application Service License (AS) from Tanzania Communications Regulatory Authority (TCRA). "The acquisition of this license which is under TCRA's new converged licensing framework, demonstrates Pesapal's commitment to driving connected digital payments to consumers and businesses in Africa," the company claimed.
The Tanzania Communication Regulatory Authority (TCRA) is Tanzania's national body established to regulate telecommunications, broadcasting, and postal services to allocate and manage the radio spectrum, covering electronic technologies and other information and communication technology (ICT) applications in Tanzania. TCRA ensures that these sectors are technologically advanced, efficient and accessible.
Founded in 2009, Pesapal provides a simple, safe and secure way for individuals and businesses to make and accept payments in Africa. 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.
The payment processing company has a presence in six African markets: Kenya, Uganda, Malawi, Zambia, Rwanda, and Zimbabwe. Principally the financial technology (fintech) company offers e-commerce and point-of-sale (POS) payment processing support.
Tanzania is currently trying to scale financial Inclusion. In 2018 the country launched a National Financial Framework whose life span is four years. The National Financial Framework 2018-2022 is the second Framework to be implemented under the Financial Inclusion National Council, building upon the first Framework, which ended in December 2016.
"The initiative under usage dimension will drive all adults to save, borrow, transact, and mitigate financial risks by ensuring that we have financial products and services that are appropriate, affordable, and convenient and that adults are confident in dealing with FSPs."- National Financial Framework 2018-2022
The ended Framework (2016) focused on building infrastructure to facilitate access to financial services ready to be used by Tanzanians. Key achievements under the completed Framework include the increase of the percentage of adults who access formal financial services from 58% in 2013 to 65% in 2017 and a reduction in the usage of informal financial services from 16% to 7% in the same period.
Speaking on the latest development, Pesapal Sales and Marketing manager Bupe Mwakalundwa said "Tanzania’s mobile penetration reached 85% 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.”
“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,” said Bupe.
Tanzania in focus
GDP: $62.41 billion in 2020 compared to $61.137 in 2019
Population: 59,734,213 in 2020 compared to 58,005,461 in 2019
GDP per capita: $1,076 in 2020 compared to $1,085 in 2019