Nigerian payment company Fincra has received approval from Tanzania’s central bank to operate in the country. The Bank of Tanzania gave Fincra a Payment System Provider license, allowing the company to offer digital payment services to businesses in Tanzania.
This makes Tanzania the third East African country where Fincra operates. The company already works in Kenya and Uganda in the region.
What Fincra Can Do in Tanzania
With this new license, Fincra can now offer several services to Tanzanian businesses:
- Virtual bank accounts
- Payment processing tools (APIs)
- Payment links for online sales
- Checkout services for websites
- Local money collection
- Business payments
The license allows Fincra to connect directly with Tanzania’s banking systems and payment networks. This means faster and cheaper payment processing for local businesses.
Why Tanzania Matters
Tanzania has a growing digital payments market. The country saw mobile money transactions increase by more than 26% in 2024, according to the Bank of Tanzania.
The numbers show Tanzania’s digital payment boom:
- Over 61 million mobile money accounts in 2024
- More than 3.7 billion transactions per year
- Mobile money market worth $62 billion
- Nearly 1.5 million mobile money agents across the country
“Tanzania’s growing economy aligns with our strategic plans. The economy is evolving quickly towards digital solutions,” said Uyo Abuh from Fincra’s marketing team.
About Fincra
Fincra started in Lagos, Nigeria in 2021. The company was founded by Wole Ayodele, who previously started the crypto platform Quidax, and Gideon Orovwiroro.
Since launching, Fincra says it has processed over $10 billion in payments and is already making profits. The company focuses on helping African and international businesses make payments across borders.
“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,” said CEO Wole Ayodele.
Fincra’s African Expansion
Tanzania joins Fincra’s growing list of operating countries:
East Africa: Kenya, Uganda, and now Tanzania
West Africa: Nigeria and Ghana
Southern Africa: South Africa (recently renewed license)
Other regions: United Kingdom, Europe, and North America
The company plans to expand further. In early 2024, Ayodele mentioned plans to enter French-speaking West African countries, Egypt, and Ethiopia.
Growing Competition
Fincra joins other Nigerian fintech companies expanding across Africa. Companies like Flutterwave, Paystack, PalmPay, and Moniepoint are all looking at opportunities in other African countries.
PalmPay, for example, plans to enter four African countries by the end of 2025, including Tanzania, South Africa, Côte d’Ivoire, and Uganda.
Tanzania’s Digital Payment Growth
Tanzania’s payment spcae has changed dramatically in recent years:
- Mobile money started with M-Pesa by Vodacom in 2008
- Now has one of the most advanced mobile money markets globally
- Strong government support for digital financial services
- Growing smartphone adoption driving digital payments
The Tanzania Instant Payment System (TIPS) now connects 45 digital financial service providers, making it easier for companies like Fincra to offer their services.
What This Means for Businesses
For businesses in Tanzania, Fincra’s entry means:
- More payment processing options
- Potentially lower transaction fees
- Better tools for online sales
- Easier cross-border payments
- Access to international markets
The competition between payment providers should also lead to better services and lower costs for businesses.
