Lagos-based fintech startup Fincra has secured a regulatory milestone in its pan-African expansion strategy, receiving approval from the Bank of Tanzania to operate as a licensed payment service provider in the country.
The licence enables Fincra to offer its suite of financial infrastructure tools, including virtual accounts, payment APIs, payment links, and checkout services, to businesses and developers in the Tanzanian market.
“We are thrilled to receive this licence 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. This is a key part of our mission to build the rails for an integrated Africa,” said Wole Ayodele, CEO of Fincra, in a statement.
Founded in 2021 by Ayodele, who previously co-founded the Nigerian crypto platform Quidax, and Gideon Orovwiroro, Fincra provides finance solutions designed to power local and cross-border payments for African and global businesses. Since launching, the startup claims to have processed over $10 billion in transactions and says it is already profitable.
The Tanzanian licence adds to Fincra’s growing regulatory footprint, following its recent Third Party Payment Provider licence renewal in South Africa. With operations in Kenya and Uganda, Tanzania becomes the company’s third active market in East Africa. Fincra is also active in Ghana, the United Kingdom, Europe, South Africa, and North America.
“Tanzania’s growing economy aligns with our strategic plans. The economy is evolving quickly towards digital solutions, and other businesses that depend on fintech startups are springing up,” said Uyo Abuh, Senior Marketing and Corporate Communications Associate at Fincra.
Tanzania has seen a surge in mobile and digital payments as smartphone penetration deepens and financial inclusion initiatives gain ground. According to the Bank of Tanzania, mobile money transactions rose by more than 26.73% in 2024, highlighting a ripe market for fintech infrastructure providers.
Fincra’s ambitions extend beyond East Africa, though. In early 2024, Ayodele hinted at plans to expand into Francophone West Africa, Egypt, and Ethiopia, though those moves have yet to materialise.
