The Regulatory Authority for payment systems in Zambia has revoked the license for Celpay Zambia.
The ailing Company has failed to sustain its operations, as reported by The Post Newspaper today. Celpay was previously an innovation leader in the region with operations in Zambia, Congo DR, and the planned launch in Tanzania.
This was announced via a Press Release, by BoZ PR Manager Kanguya Mayondi, who said under the National Payment Systems Act No. 1 of 2007, Celpay will no longer be regarded as a payment system.
Celpay was initially part of the Celtel group of companies that spawned off the innovation in mobile telecoms under the guidance of Mo Ibrahim, the Founder of Celtel International. After the exponential growth in mobile, the business was shed off to other Owners and Management, who saw fit to maintain Point of Sale (POS) system for money transfer, making payments for services and other transactions. Customers declined in numbers as more and more innovative mobile banking, mobile money and e-payment channels opened up with the coming of cheaper handsets, internet and banking. This cautionary tail is similar to the payphone business’ death, and we can’t fathom why it took so long for Celpay to get killed.
The failure to operate as a business and serve its customers, means Celpay will now be a thing of the past. With more innovative services which are faster and safer, it is high time outdated solutions paved way for the new. As they say: “adapt or die!” We recommend BoZ for lawyering up.