One of the country’s payment services providers PawaPay has been granted a Payment Service Provider licence by the Reserve Bank of Malawi (RBM).
PawaPay Country Manager Arthur Muyepa disclosed this during a Fintech Night in Lilongwe.
According to Muyepa, the licence was issued on August 13 2024.
“The importance of this Payment Service Provider licence is immense for us as it allows us to be fully compliant with the law of the market.
“This full licence demonstrates our commitment to adhering to stringent regulatory standards. This licence also ensures we’re fully compliant with regulatory requirements which help to mitigate financial and reputational risks,” Muyepa said.
He observed that the licence is a great indicator to its merchants and partners that they are a trusted growth partner for them and it enables PawaPay to aggressively grow its transaction volumes through newly acquired clients.
“Our future plan is to continue to be a trusted and stable partner for merchants looking to Africa, and more especially Malawi to do commerce. In the last year alone, from July 2023 to July 2024, we processed over K146.3 million in transactions volume which equated to over K199.1 billion in transaction value.
“Our goal is to more than double that amount and facilitate trade for more startups that are creating real jobs and value for real people in the real economy,” Muyepa said.
Director of E-government in the Ministry of Information and Digitalisation Paul Katema hailed PawaPay for its efforts to ease payments in Malawi.
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