Sabipay Secures Zambia Payment License

Sabipay Technologies, a subsidiary of Pesapal Limited, has been awarded a Payments System Business license by the Bank of Zambia. 

The license allows Sabipay Technologies to offer a suite of innovative payment solutions, from online payments to mobile money and card transactions. With this license, Sabipay is set to overhaul Zambia’s payment landscape, offering businesses and consumers a streamlined, secure, and efficient way to handle their transactions.

Why is this significant? For businesses in Zambia, this means a fresh wave of financial possibilities. Picture small vendors who can now accept mobile payments with a simple tap on their smartphones, or large companies managing transactions with newfound ease and security. This evolution extends to consumers too. Imagine the simplicity of paying for groceries, services, or online shopping with just a few clicks, making everyday transactions more convenient and integrated into the digital age.

Sabipay’s entry into the Zambian market comes at a time when the country is witnessing a surge in mobile money transactions, mirroring trends in other African nations. Experts believe that Sabipay’s focus on technology-driven solutions will be key to accelerating financial inclusion and driving economic growth. From online transactions to in-store payments via mobile money and card systems, their services will cater to businesses of every size and sector. 

The digital payments market in Zambia is expanding quickly, as more and more people choose to use electronic transactions over conventional cash-based ones. At the start of 2023, there were 16.36 million mobile cellular connections in Zambia, which is 80.6 percent of the country’s total population, according to GSMA Intelligence. The research goes on to say that in the beginning of 2023, when internet penetration was 21.2%, there were 4.30 million internet users in Zambia.

“We are thrilled to receive the Payments System Business license from the Bank of Zambia. This achievement reinforces our commitment to expanding our footprint in the region and underscores our dedication to fostering financial inclusion and economic growth. With Sabipay, we aim to provide innovative, accessible, and user-friendly payment solutions that will transform how businesses and consumers engage in financial transactions,” said Agosta Liko, CEO,Pesapal Limited.  

Businesses will enjoy more flexible payment options, while consumers will experience smoother and more efficient transactions. This development not only strengthens Pesapal’s presence in the region but also highlights the growing impact of fintech in driving economic advancement. This ease of use is expected to drive higher adoption rates of electronic payments among Zambians, further integrating the digital economy into daily life.