Kenyan Fintech, Secures a PSP License from the Bank of Tanzania

Tuma Ventures Limited, the Nairobi-based fintech with a knack for shaking up digital payments, just leveled up in Tanzania! The Bank of Tanzania (BoT) has granted Tuma a Payment System Provider (PSP) licence, meaning the company can now roll out its financial services full throttle—real-time payments for merchants, mobile wallet solutions, and even float management for fellow fintechs.

[ays_block_subscribe id=’1′]

For Tuma, this is more than just a legal thumbs-up—it’s proof that they play by the rules while pushing the boundaries of fintech innovation. And this isn’t their first rodeo. Back in the UK, they’re already a licensed Payments Institution, powering remittances across East Africa. Now, with Tanzania officially on board, their regional expansion plans are looking sharper than ever.

If you thought Tuma was just another fintech, think again. In September 2024, they teamed up with Nigerian fintech giant Interswitch to launch Tumatap—a sleek, contactless payment system in Kenya. Designed with MSMEs in mind, it turns any smartphone into a full-fledged payment terminal, meaning shop owners no longer need clunky card machines to accept payments. No extra hardware, no headaches—just seamless, cashless transactions.

Now, with its fresh PSP licence in Tanzania, Tuma isn’t just stopping at local payments. They’re setting their sights on revolutionizing cross-border transactions—faster, cheaper, and secure enough to keep even the most cautious users happy. For the East African diaspora, this means sending money home will feel as easy as paying for coffee in their neighborhood café.

Of course, Tuma isn’t the only fintech making moves in Tanzania. Nala, a local fintech star, secured its own PSP licence in 2023, cutting out third-party middlemen to streamline cross-border payments. Then in March 2024, Nigerian neobank Kuda Technologies joined the party with a PSSP licence, proving that Tanzania’s fintech scene is hotter than ever.

With this new licence, Tuma is now in prime position to make digital payments smoother, smarter, and more accessible in Tanzania and beyond. Whether it’s merchants looking for seamless transactions or the diaspora staying financially connected to home, Tuma is here to make every payment count.

Here’s what it means for you:

1. If you’re a Tanzanian merchant: This is good news! Tuma’s license means more payment options for your customers. Services like Tumatap (if they launch it in Tanzania) could make accepting digital payments easier and cheaper, potentially boosting your sales.
2. If you’re a Tanzanian consumer: You’ll likely have access to more convenient and potentially cheaper ways to pay for goods and services. Mobile wallets and contactless payments could become more prevalent, making transactions smoother and faster.
3. Sending money home to Tanzania might become easier and cheaper thanks to Tuma’s focus on cross-border payments. This could save you time and money compared to traditional remittance methods.

Source; The Citizen, Techpoint Africa.

[/ays_block_subscribe]