Tanzanian fintech Tembo obtains PSP license from Central Bank of Tanzania

Tembo, a Tanzanian fintech startup building infrastructure for financial services across Africa has received its Payment Service Provider (PSP) license from the Central Bank of Tanzania.

The startup provides APIs and SDKs for businesses to embed and launch payments, collections, cards, wallets, and programable bank accounts across Africa. This milestone empowers Tembo to provide a wide array of financial services, including domestic and cross-border payments, merchant services, and general payment processing.

As it embarks on this new chapter, it is committed to enhancing its existing digital banking offerings and expanding its reach across Africa through strategic partnerships and cutting-edge solutions.

Speaking on this achievement,  Victor Joseph, the co-founder & CEO, 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.

The journey to financial empowerment in Africa for Tembo has been marked by strong partnerships with central banks, remittance companies, e-commerce platforms, mobile money operators, and digital lenders across Tanzania, Kenya, Rwanda, Uganda, and Nigeria.

Tembo’s platform offers different financial solutions with its platform including:

• A platform where you can create multiple savings goals to achieve your dreams. Whether it’s buying a home, starting a business, or planning for retirement.
• It allows you to add money to your savings goals using various payment methods. Whether you prefer mobile money accounts or debit cards, it ensures that contributing to your savings is effortless and convenient.
• It provides timely reminders about your account to keep you on track. These notifications serve as friendly nudges, ensuring that you remain disciplined in achieving your financial objectives.
• Tembo takes your financial goals seriously and offers you the opportunity to invest in Money Market Funds. This option allows you to grow your savings while working towards your dreams, with the potential for higher returns.
• It simplifies this process by allowing you to automate payments into your savings goals. With this feature, you’ll never miss a deposit, making your journey toward financial prosperity smoother and more accessible.

Reuben Mwatosya, Tembo’s Co-founder & COO, expressed his excitement and dedication to Tanzania as the company’s home market. He said,

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.

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About Tembo

Tembo collaborates with reputable partners to provide banking services. Deposits and transfers are processed by well-established financial institutions such as Ecobank, Flutterwave, Cellulant, and AzamPay. These partners are licensed and regulated PSP providers, ensuring the safety and reliability of financial transactions.

It also operates as Temboplus Company Limited, registered by Brela in Tanzania with Incorporation number 141853066. They are also registered as Temboplus Fintech Limited in Kenya with company number FC-2DTRAV. Furthermore, Temboplus Limited is registered in England and Wales with registration number 13917703. 

It also does not store sensitive information like Mobile Money PINs or passwords. Additionally, the fintech startup works with a PCIDSS-compliant payment processor to handle card details, adhering to global standards for payment security.