Dar es Salaam, Tanzania – 08 September 2025 — I&M Bank Tanzania, has announced a strategic partnership with Pesapal Tanzania, a licensed payment service provider and digital solutions company, to enhance digital payment acceptance across Tanzania’s business landscape.
This partnership will enable I&M Bank to enhance its merchant payment solutions by incorporating Pesapal’s (Point of Sale) POS terminals, e-commerce solutions and mobile payment options into its offerings. Through this collaboration, both institutions aim to equip Tanzanian businesses, particularly SMEs and mid-sized enterprises with secure, user-friendly and scalable payment solutions for their instore and online businesses.
“We are proud to partner with Pesapal Tanzania to provide our business customers with cutting-edge and secure payment solutions,” said Zahid Mustafa, Chief Executive Officer and Managing Director, I&M Bank Tanzania. “This collaboration reinforces our commitment to drive financial innovation while enabling our customers to digitize and simplify their operations, enhance customer experience and accelerate business growth.”
The bank in a bold move also recently announced waivers on Bank to Wallet fees for its Retail and Business customers through the Moja and Zaidi Business accounts signaling a strategic shift into the SME segment.
“At Pesapal, our vision is to digitize payments for African businesses at every level,” said Bupe Mwakalundwa, Country Manager, Pesapal Tanzania. “We’re excited to support I&M Bank in delivering next-generation payment solutions to their customers. Together, we are enabling businesses to become more agile and customer-centric in a fast-changing digital economy.”
Supporting Tanzania’s Cashless Economy Agenda
According to the Bank of Tanzania, mobile money transactions exceeded TZS 144 trillion in 2024 alone—a reflection of the country's growing shift toward cashless commerce. However, many merchants still struggle with fragmented systems, manual processes and limited access to digital infrastructure.
By combining Pesapal’s omnichannel payment tools with I&M Bank’s focus supporting businesses in Tanzania, this partnership will bridge the digital divide for more merchants and consumers.
The two organizations will also collaborate on merchant training, onboarding campaigns, and digital literacy initiatives aimed at increasing the adoption of formal financial services and supporting Tanzania’s Financial Sector Development Master Plan (FSDMP).
Pesapal is a licensed Payment System Provider operating in Kenya, Uganda, Tanzania, Rwanda, and Zambia, and regulated by the Bank of Tanzania. Since 2009, Pesapal has empowered thousands of businesses to accept digital payments across mobile money, cards, and online platforms. The company’s ecosystem includes tools for payment collection, business intelligence, merchant financing, inventory, and integrations for hospitality, retail, fuel, and education sectors.
Visit www.pesapal.com for more information.
Media Contact:
Regina Mwanza
Head of Brand & Content, Pesapal Group
Email: [email protected]
