Tanzanian fintech startup, Tembo, has been granted a Payment Service Provider (PSP) license by the Central Bank of Tanzania.
So excited to share that the Central Bank of Tanzania has granted Tembo our very own PSP License 🚀
This enables us to offer domestic and cross-border payments, merchant services and general payment processing. It allows us to enhance our existing digital banking offerings pic.twitter.com/jZk5NXSvlV
— Victor Joseph (@victor_m_joseph) September 11, 2023
“This shows our commitment to Tanzania as our home market, and we continue investing in the country while expanding across East Africa before venturing into West Africa,” said Reuben Mwatosya, Co-founder & COO Tembo.
Tembo, which specializes in developing financial service infrastructure for the African continent, provides APIs and SDKs for businesses to embed and launch payments, collections, cards, wallets, and programable bank accounts across Africa.
This achievement now enables Tembo to offer a diverse range of financial solutions, encompassing domestic and international payments, merchant support, and overall payment handling.
Tembo, which is registered in Tanzania, Kenya, Wales, and England, has collaborations with central banks, remittance firms, e-commerce platforms, mobile money operators, and online lenders in regions such as Tanzania, Kenya, Rwanda, Uganda, and Nigeria.
Before the PSP award, Tembo relied on collaboration with other regulated financial partners like Ecobank, Flutterwave, Cellulant, and AzamPay. These handle deposits and transfers in a licensed and regulated capacity as PSP providers, guaranteeing the security and dependability of financial transactions.
Banking services are provided by Ecobank Group.
“When you sign up to start using Tembo, We create a bank account in your name, and this is where your money will be deposited. This service, as well as our bank partner, is regulated by the Central Bank, so keeping your money via our App is just as safe as keeping your money at any bank.”
Speaking on this achievement, Victor Joseph, the Co-Founder & CEO of Tembo, said,
“Working closely with the regulator is a tremendous opportunity. We deeply appreciate their support and guidance as we embark on this journey to advance financial inclusion in our nation.”
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