Grace Ashiru
Sabipay Technologies, a subsidiary of Pesapal Limited, has been granted a Payments System Business license by the Bank of Zambia. This license empowers Sabipay Technologies to provide a wide array of innovative payment solutions, including online payments, mobile money, and card transactions. With this license in hand, Sabipay is poised to transform Zambia’s payment landscape, offering businesses and consumers a streamlined, secure, and efficient way to manage their transactions.
Why does this matter? For businesses across Zambia, this marks the beginning of a new era of financial opportunities. Envision small vendors who can now accept mobile payments with just a tap on their smartphones, or large corporations handling transactions with enhanced ease and security. This shift also benefits consumers, who can now enjoy the convenience of paying for groceries, services, or online shopping with just a few clicks, making everyday transactions simpler and more seamlessly integrated into the digital age.
Sabipay’s entry into the Zambian market coincides with a significant rise in mobile money transactions, reflecting a trend seen across other African countries. Experts suggest that Sabipay’s emphasis on technology-driven solutions will play a crucial role in advancing financial inclusion and spurring economic growth. Their services, which range from online transactions to in-store payments via mobile money and card systems, are designed to cater to businesses of all sizes and sectors.
The digital payments market in Zambia is rapidly expanding as more individuals opt for electronic transactions over traditional cash-based methods. As of early 2023, Zambia had 16.36 million mobile cellular connections, accounting for 80.6 percent of the nation’s total population, according to GSMA Intelligence. The report further indicates that at the start of 2023, with internet penetration at 21.2 percent, there were 4.30 million internet users in Zambia.
Businesses stand to benefit from more flexible payment options, while consumers will experience smoother and more efficient transactions. This advancement not only bolsters Pesapal’s presence in the region but also underscores the growing influence of fintech in propelling economic progress. The simplicity and ease of use are expected to boost the adoption rates of electronic payments among Zambians, further embedding the digital economy into everyday life.
