- Unlimit, a London-based fintech company specialising in cross-border payments, has announced its expansion into Tanzania after obtaining a licence from the Bank of Tanzania (BOT).
- This development comes less than a year after the fintech expanded into Nigeria and Kenya to establish itself as a credible provider of payment solutions in the region.
- With the approval of the Bank of Tanzania, Unlimit will be able to introduce a variety of new services to the Tanzanian market, such as business payments, merchant services, and outbound payments.
This move demonstrates the fintech's commitment to increasing its presence and investment in Africa by expanding the reach of its proprietary payment infrastructure across the continent.
Integrating this infrastructure can eliminate existing challenges to regional and global trade for entrepreneurs in the country, in line with Unlimit's mission to remove financial boundaries worldwide.
"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," Trevor Goott, Director of Unlimit for Africa and India, says.
In April 2023, the fintech unveiled its inaugural African operations in Nigeria after securing its Payment Solution Service Provider (PSSP) licence from the Central Bank of Nigeria.
This enables the payment platform to function as a recognised payment service provider in the country, allowing for the delivery of a diverse range of payment services and methods that will assist local businesses in expanding their reach to both local and global audiences.
In the same vein, Unlimit announced in June 2023 the expansion of its operations in Kenya.
These developments allow the fintech to compete with other fintech companies such as Flutterwave, Lemfi, Payday, and Grey Finance in these African countries.
Meanwhile, Unlimit formed an issuing partnership with Union Pay International (UPI), one of the world's largest payment services networks, in November 2023. The partnership allows both companies to collaborate to accelerate the growth of Unlimit's Banking-as-a-Service (BaaS) platform.
Additionally, Unlimit’s BaaS clients will be able to integrate UPI cards into their digital offerings, targeting customers who conduct frequent international transactions, while businesses dealing with the challenges of cross-border transactions will be able to use Unlimit BaaS via UPI cards.
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