Fincra Acquires a Payment System Provider Licence in Tanzania to Drive East African Expansion

Fincra acquires a payment system provider licence in Tanzania, marking a significant milestone in its East African expansion plans. This licence, given by the Bank of Tanzania, lets Fincra’s local company offer safe and reliable payment services to people and businesses all over the country. It’s a major move that helps Fincra grow its business in East Africa.

With this licence, Fincra can now provide many payment services in Tanzania. This includes helping businesses collect money locally, pay their workers or suppliers, and use special technology called APIs that allow instant payments. These services are very helpful for companies in different areas like fintech, delivery services, shops, travel, and money transfers. They make it easier for these businesses to handle money, work faster, and even expand to other countries.

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Wole Ayodele, the CEO of Fincra, said he’s very happy about getting the licence. He said it shows how serious Fincra is about following the rules and that it will help the company bring more value to businesses in East Africa. He also said this is part of Fincra’s bigger goal to help connect Africa’s financial systems.

Tanzania is quickly becoming a digital hub. More people have mobile phones, many are young and good with technology, and the government is working hard to make sure everyone can use financial services. The Bank of Tanzania reported that mobile money transactions grew by almost 27% last year, reaching over 6 billion transactions. This growth is thanks to more agents offering mobile money services, new and creative ways to use these services, and good government rules.

Even though popular platforms like M-Pesa and Tigo Pesa are doing well, many businesses still need better tools to handle payments, especially when dealing with other countries or needing instant transfers. That’s where Fincra comes in. With its new licence, Fincra can help local businesses connect with the world. For example, a startup in Tanzania can now collect payments in the local currency and pay vendors in other countries easily and legally. A delivery company in Dar es Salaam can pay suppliers in Kenya or South Africa quickly, and a money transfer service can offer cheaper and faster cross-border payments.

This licence also helps Tanzania’s goal of including more people in the digital economy. Small and medium businesses get better tools to manage payments, which helps them grow and create jobs. This fits well with Tanzania’s Vision 2025 plan, which wants to use technology to build a stronger economy.

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Fincra’s licence in Tanzania adds to its growing presence in Africa. The company already has permission to operate in South Africa and other countries like Kenya and Uganda. Fincra is working to build a financial network across Africa that makes it easy for businesses to work across borders, even though the rules can be complicated.

Fincra acquiring the payment system provider licence in Tanzania is great news. It means more businesses can use modern payment tools to grow, trade with other countries, and help Tanzania’s digital economy keep moving forward.

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