Tanzanian fintech, Swahilies, has been granted a Payment Service Provider (PSP) license by the Central Bank of Tanzania.
The fintech announced the development via LinkedIn, noting that it has worked with more than 15,000 small and medium-sized enterprises (SMEs) through its bookkeeping and embedded finance solutions.
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With the new license, Swahilies will now be able to develop and roll out its own financial products in partnership with licensed institutions. It will also be able to scale services designed for higher transaction volumes.
“This license now allows us to build and launch our own financial products directly with licensed partners,” the company said in its announcement.
The approval positions Swahilies to deepen its presence in Tanzania’s growing digital finance ecosystem, where demand for SME-focused financial tools continues to rise.
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