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. “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,” Reuben Mwatosya, Co-founder & COO Tembo.
Tembo 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. The fintech 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.