Tuma Ventures Enters Tanzania Following Controversial PSP Licence Approval

The PSP license enables Tuma to provide a full range of financial services in Tanzania and validates its compliance with strict regulatory requirements.

The basis of Tuma’s remittance activities in East Africa is its status as a regulated Payments Institution in the UK, which is expanded upon by this development. The business is dedicated to providing financial services in all of its markets with innovation, regulatory compliance, and excellence.

Tuma teamed up with Nigerian fintech startup Interswitch in September 2024 to launch Tumatap, a brand-new contactless payment system in Kenya. The goal of this alliance is to facilitate payments for both consumers and merchants, with a focus on Micro, Small, and Medium-Sized Businesses (MSMEs).

By converting smartphones into secure payment terminals, Tuma’s “softPOS” technology enables companies to take digital and card payments without the need for extra hardware. In addition to lowering operating expenses, this strategy democratizes digital payment access for small and micro-sellers who have hitherto relied on cash transactions.

• A Payment System Provider (PSP) license has been given to Tuma Ventures Limited, a fintech business based in Nairobi that specializes in “softPOS” technology, by the Bank of Tanzania (BoT).
• The purpose of these services is to promote financial inclusion and regional economic growth.
• With this move, Tuma will be able to expand its financial services in Tanzania by providing mobile wallet solutions, float management for other fintech companies, and real-time payment processing for merchants.

Tuma’s larger goal of enabling East Africans living abroad to conduct business with their homelands as easily as if they were there is in line with this calculated move into Tanzania.

Tuma facilitates deeper connections and reliable financial transactions that improve daily living by bridging the distance between the diaspora and their loved ones.

Along with other fintech companies, Tuma recently obtained licenses in Tanzania. A PSP license was granted to Tanzanian fintech firm Nala in 2023, allowing it to handle local and international payments independently of outside sources.

Kuda Technologies, a Nigerian neobank, just secured a Payment Service Provider (PSSP) license in Tanzania in March 2024, demonstrating the increasing fintech interest in the East African industry.