Businessman-cum-politician Daud Suleman has expressed delight with the approval by the Reserve Bank of Malawi (RBM) on MobiPay to operate as a payment aggregator—a service provider through which e-commerce merchants can process their payment transactions.
Suleman, who is Malawi Congress Party (MCP) IT specialist and is behind Kokoliliko Holdings, is MobiPay chief technology officer and co-owns the company with Aleksander Kalanda, Webster Mbekeani and Joshua Rombosia.
A payment aggregator is a device provider that allows merchants to interface with many banks without them having to open accounts or deal with all the banks.
Suleman said by giving a merchant one registration and allowing them to receive payments from many banks, it is opening the space for more digital transactions.
The approval letter dated November 2, 2020 signed by RBM deputy governor for economic services and regulation Grant Kabango has outlined that the pilot phase of aggregation has been approved for six months, as contained in the Payments Systems Act (2016) . A final approval will follow after considering an independent audit by external auditors.
Reads the letter in part: “Kindly note that the review of the application is subject to submission of a report to the RBM on the progress of the pilot independently audited by external auditors.”
Mobipay promises to provide merchants with an opportunity to receive digital payments through websites, apps, point of sale devices and USSD services.Follow and Subscribe Nyasa TV :