Fincra, a wholly-owned payment service provider, has obtained a payment license from the Bank of Tanzania, marking a significant step for the company in East Africa.
Regulatory Approval and Its Significance
The Bank of Tanzania has granted Fincra a payment provider license, enabling the company to offer a full suite of payment solutions, including local collections and business payouts. Wole Ayodele, CEO of Fincra, stated, 'We are thrilled to receive this license from the Bank of Tanzania.' This reflects our long-standing commitment to regulatory integrity and positions us to deliver even more value to businesses in East Africa.
Growth of Tanzania's Digital Economy
Tanzania's digital economy is rapidly growing due to increased mobile penetration and government initiatives promoting financial inclusion. According to the Bank of Tanzania, mobile money transactions increased by 26.73% in 2024, reaching 6.41 billion. This growth is attributed to economic expansion and innovative services, though businesses still face challenges in accessing robust payment infrastructure.
Fincra's Strategy for Africa
Fincra's entry into Tanzania aligns with the growing demand in the fintech space. The platform allows local startups to collect payments in Tanzanian Shillings and make payouts to international vendors in multiple currencies, supporting Tanzania's financial inclusion goals by providing SMEs with tools to process payments efficiently.
Fincra's license in Tanzania represents an important step in creating an integrated financial infrastructure in East Africa, fostering economic growth and the development of financial technologies in the region.
