Bank of Zambia revokes Celpay’s licence

JAN 09,2014.


CELPAY Zambia has failed to sustain its business operations, says the Bank of Zambia (BoZ).
Celpay is one of the world's first mobile banking companies that combines mobile payment solutions for consumers and corporates.
Celpay has operations in Zambia, Democratic Republic of Congo and intends to launch operations in Tanzania.
Celpay provides a number of class leading and innovative solutions which enable individuals and organisations to streamline their payment processes, resulting in more efficient financial management.
Announcing the revocation of the payment system business licence of Celpay Zambia, BoZ head of public relations, Kanguya Mayondi, yesterday stated that the revocation of the licence entails that Celpay has ceased to operate as a payment business system under the National Payment Systems Act number one of 2007.
"The revocation follows the inability of Celpay Zambia to sustain its business operations. The revocation is made pursuant to section 7 (7) of the National Payment Systems Act of 2007, which confers upon the Bank of Zambia powers to revoke the licence of any payment system business that contravenes the Act or any directives given," stated Mayondi. "The revocation of the licence doesn't relieve Celpay Zambia of any obligations it incurred or assumed during the period of validity of the licence."