Fincra has announced the acquisition of the necessary regulatory license to operate as a Payment System Provider in Tanzania. This expands the fintech’s footprint across East Africa and strengthens its cross-border payment network across Africa.
This approval was issued under the Payment Systems Licensing and Approval Regulations, 2015. It authorises Fincra to operate regulated payment systems in Tanzania. With this new license, Fincra is now able to offer secure, scalable, and compliant payment services to businesses operating in East Africa.
“We are thrilled to receive this license from the Bank of Tanzania. It reflects our long-standing commitment to regulatory integrity and positions us to deliver even more value to businesses in East Africa. This is a key part of our mission to build the rails for an integrated Africa.” Said Wole Ayodele, CEO at Fincra.
What This Means for Cross-Border Payments in Africa
With this license, Fincra can now offer its full suite of payment infrastructure services to businesses looking to expand to Tanzania, including:
- Local collections in Tanzanian Shillings
- Business payouts to local and international recipients
- Real-time payments via API
- Cross-border transactions
The company’s infrastructure is designed to help businesses in sectors such as fintech, logistics, travel, retail, remittances, and more move money more efficiently, scale operations across borders, and remain fully compliant with local financial regulations.
This license in Tanzania follows another major regulatory milestone: Fincra’s recent approval as a Third Party Payments Provider (TPPP) in South Africa.
“With regulatory approvals in both Southern and Eastern Africa, we’re building a strong foundation to support our mission of building the rails for an integrated Africa. Our goal is to provide businesses across the continent with the compliant infrastructure they need to accept and make payments, locally and internationally,” the company said in a statement.
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