The Central Bank of Tanzania has given the Payment Service Provider (PSP) license to Tembo, a Tanzanian fintech company building infrastructure for financial services across Africa.
The startup gives companies in Africa APIs and SDKs that they can use to build and launch payments, collections, cards, wallets, and bank accounts that can be programmed. Tembo can now offer various financial services, such as local and international payments, merchant services, and payment processing in general.
As it starts this new phase, it plans to improve the digital banking services it already offers and reach more people across Africa through strategic partnerships and cutting-edge solutions.
Co-founder and CEO Victor Joseph shared this accomplishment—a great chance to work with the agency. Our efforts to improve financial equality are appreciative of their counsel. Tembo partners with central banks, remittance companies, e-commerce platforms, mobile money operators, and digital lenders in Tanzania, Kenya, Rwanda, Uganda, and Nigeria to empower Africans with money.
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Tembo offers several financing solutions
A platform to save for your aspirations with numerous goals. Whether buying a house, starting a business, or planning retirement,
It lets you put money towards your savings goals in different ways. Whether you use mobile money accounts or debit cards, it makes it straightforward for you to save money.
It sends notes about your account at the right time to help you stay on track. These notifications are like friendly nudges that help you stay on track with your spending goals.
Tembo cares about your financial goals, so they let you buy in money market funds. With this choice, you can save more money while working towards your goals, which could give you a higher return.
It makes this easier because you can set up automatic funds for your savings goals. With this feature, you’ll never miss a deposit, making your path to financial success more manageable and accessible.
Tembo’s co-founder and chief operating officer, Reuben Mwatosya, said he was excited and committed to Tanzania as the company’s home market.
This demonstrates our dedication to Tanzania as our home market, where we continue to invest while growing throughout East Africa before foraying into West Africa.
Tembo’s background
Tembo works with trusted companies to offer banking services. Institutions like Ecobank, Flutterwave, Cellulant, and AzamPay, which have been around for a long time, handle deposits and payments. These partners are licenced and regulated PSP providers. This makes sure that all financial activities are safe and reliable.
It also does business as Temboplus Company Limited, set up in Tanzania by Brela and given the number 141853066. In Kenya, they are also listed as Temboplus Fintech Limited, and their company number is FC-2DTRAV. Also, Temboplus Limited has a registration number in England and Wales: 13917703.
It also doesn’t save private information like passwords or mobile money PINs. The fintech company also uses a payment processor that is PCI DSS-compliant to handle card data. This is in line with global standards for payment security.