Posted on July 17, 2024

eLipa Expands into Zambia: Commitment to Business Growth & Inclusion

By: Maria

Zambia is progressively adopting greater financial technology and will continue to do so to achieve its ambitious financial inclusion targets. This is an exciting, fast-growing sector with plenty of potential to grow even further.

Licensing and Expansion

eLipa, a leading payments service provider birthed in Kenya as iPay, has recently received licensing from the Central Bank of Zambia (BOZ) to operate within Zambia. I am particularly excited about this milestone, as it marks a significant step in our expansion across Africa, bringing our innovative payment solutions to new markets. The company’s portfolio has since extended to include Payment Aggregation, Mobile Banking and more. Leveraging technological innovation and strategic partnerships, the company has embarked on a transformative journey to extend its reach beyond its shores of birth.

Our Journey

Our impressive journey, which has been unfolding over the past 14 years, underpins eLipa’s dedication to fostering partnerships that encourage economic development and facilitate seamless payments throughout the continent. eLipa is Currently facilitating payments across more than 5 African markets fostering financial inclusion and prosperity for millions of people in the process.

The E-commerce Potential in Zambia

E-commerce in Zambia has been steadily growing in recent years, driven by increasing internet penetration. While the e-commerce landscape in Zambia is relatively underdeveloped, there is a lot of potential for growth in this sector as we continue progressively adopting seamless financial technology.

According to the Zambia Development Agency (ZDA), Zambia’s ecommerce market is expected to grow by over 25% annually, driven by increasing internet penetration and mobile usage, this presents an opportunity for ambitious ecommerce businesses looking to expand into new markets and gain global reach, to leverage on our robust technology to tackle the intricacies of payments as a pivotal aspect of their expansion.

The Rise of Digital Payments

Managing bulk payments can be a daunting task for many organizations. In Zambia, the business landscape is characterized by a significant number of SMEs, which comprise about 70% of the total businesses. It is for this reason that digital payment methods are rapidly gaining traction. According to BoZ records, the value of mobile money transactions in 2023 increased by an astonishing 52.8%, reaching K452.0 billion. This remarkable growth underscores the growing acceptance and adoption of digital financial services among Zambian consumers.

Strategic Alliances

From receiving our licensing approval from the Central Bank of Zambia in April 2024, eLipa went on to participate in the Lusaka Chamber business Expo and Indaba in May, 2024. that put some of the continent’s respected finance and technology minds in one room.

By aligning with key local stakeholders, regulators and financial institutions in expansion markets, eLipa has steadily integrated its payment solutions into diverse financial ecosystems, facilitating cross-border transactions and bolstering financial inclusion across the continent. Key to eLipa’s approach has been its emphasis on forging mutually beneficial alliances with key industry players, including financial institutions, Money Transfer Organizations, Telecommunication operators and regulatory bodies. These partnerships have facilitated the seamless integration of eLipa’s innovative payment engine.

By adhering to the highest standards of security and reliability, eLipa has positioned itself as a trusted partner for organizations and individuals seeking efficient, accessible, and secure payment solutions across Africa.

Security in Payments

Testament to our mission to uphold the highest standards in national and international compliance, eLipa operates with industry-leading standards and certifications, including ISO 27 001, PCI / DSS.

The company also maintains a data protection certificate and is committed to maintaining stringent data protection principles.

The company adheres to industry standards and directives set out by the Bank of Zambia, as well as the Payment Systems and Services Act 2019 (Act 987) and Anti-Money Laundering Act, 2020 (Act 1044). These certifications and compliance measures validate eLipa’s commitment to security, reliability and regulatory compliance in its operations.

Conclusion

eLipa's journey to driving financial empowerment and inclusive economic growth across Africa continues to unfold. Core to our mission, we aim to make payment for trade services and products among African countries seamless and without friction.

Through strategic partnerships, technological innovation and an unwavering commitment to excellence, eLipa is well on course to shape the future of fintech on the continent, empowering communities and businesses to thrive in an increasingly interconnected and digital world.

We see payouts and disbursements being the next big thing. Overall, the future looks positive. Our big goal is to be the preferred payments provider of choice. And to become Zambia’s most loved and trusted payments brand. Anybody talking about payments should talk about us.

Such unified ecosystems will have significant benefits for banks, fintechs, and financial inclusion in Africa. The sector would, for example, be better positioned to build products that match the needs of ordinary Africans while also facing lower transaction costs. Meanwhile, both individual and business customers would be better positioned to save money digitally and access financial instruments such as micro-loans thanks to the data provided by fintech services.

It’s the kind of collaborative spirit we believe every organization within the financial sector – whether they’re an established player or a disruptive fintech – should aim for too. Not only will this enhance financial inclusion in Africa, but it will also demonstrate to the world exactly how much of a financial leader and innovator the continent can be.

In summary, we are pinning our growth on both organic growth and exploring new partnerships within the market. Over the next two to three years, we will continue driving innovation by providing seamless payment solutions to everyone doing business in the digital economy.

Thank you for your insights, Maria!

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