Financial news

The Bank of Tanzania (BOT) has approved Unlimit, the global fintech company, with a licence allowing the firm to act as an authorised payment service provider in Tanzania. 

The approval of Unlimit as an authorised payment service provider by the BOT will allow the fintech to provide a range of new offerings such as business payments, merchant services and outbound payments, among other things, to the Tanzanian market.

The launch of Tanzanian operations marks an important step in Unlimit’s broader strategy of expanding into Africa, and follows the approval of similar licences last year in Nigeria and Kenya.

Expansion across Africa

By launching operations in a third African country, Unlimit has underscored its continued commitment to enhancing its presence and investment in the region by expanding the reach of its proprietary payment infrastructure across the continent. The addition of this infrastructure will remove existing barriers to regional and global trade for the country’s entrepreneurs, as Unlimit continues to work towards its mission of eliminating financial borders around the world.

Trevor Goott, director for Africa and India, Unlimit said: “It’s a tremendous opportunity to launch our operations in Tanzania and we’re excited to bring our unparalleled payments infrastructure to yet another market in Africa.

“Through digital payment solutions expertly tailored to the continent, we strongly believe we can help consolidate the fragmented African payments landscape and drive broader economic growth by providing the best possible support to local businesses and entrepreneurs. We are building for the long-term.”

Peter Mlay, head of Tanzania, Unlimit said: “We thank the regulators for their support and guidance. Now, we are looking forward to onboarding international and local merchants, businesses and entrepreneurs. We are also driving more value and consumer choice across the Tanzanian market through our unique payment solutions.”