Tembo, a dynamic Tanzanian fintech startup dedicated to bolstering financial infrastructure across Africa, has achieved a significant milestone by obtaining its Payment Service Provider (PSP) license from the Central Bank of Tanzania.
Tembo specializes in providing businesses with valuable APIs and SDKs, enabling them to seamlessly integrate and launch an array of financial services across the African continent. This recent achievement empowers Tembo to offer a comprehensive suite of financial solutions, spanning domestic and cross-border payments, merchant services, and general payment processing.
With this significant step forward, Tembo is poised to enhance its existing digital banking offerings while embarking on an ambitious journey to extend its reach across Africa through strategic partnerships and cutting-edge solutions.
Victor Joseph, the co-founder & CEO, expressed gratitude for the support and guidance received from regulators and their shared commitment to advancing financial inclusion:
“Working closely with the regulator is a tremendous opportunity. We deeply appreciate their support and guidance as we embark on this journey to advance financial inclusion in our nation.”
Tembo’s Progress in Advancing Financial Inclusion
Tembo’s commitment to advancing financial empowerment in Africa has been underscored by its strong partnerships with central banks, remittance firms, e-commerce platforms, mobile money operators, and digital lenders across various African nations, including Tanzania, Kenya, Rwanda, Uganda, and Nigeria.
Read Also: Interswitch Integrate Google Pay in its Payment Gateway
Key Financial Solutions Offered by Tembo’s Platform
- Multiple Savings Goals: Users can create and manage multiple savings goals, whether for purchasing a home, launching a business, or planning for retirement.
- Diverse Payment Methods: Tembo’s platform accommodates various payment methods, including mobile money accounts and debit cards, ensuring effortless and convenient contributions to savings goals.
- Timely Account Reminders: The platform provides users with timely reminders to help them stay on track towards achieving their financial objectives, promoting discipline in saving.
- Investment Opportunities: Tembo offers users the opportunity to invest in Money Market Funds, allowing their savings to grow while pursuing their dreams, with the potential for higher returns.
- Automated Savings: Tembo simplifies the savings process by enabling automated payments into users’ savings goals, ensuring deposits are never missed, and making the journey toward financial prosperity smoother and more accessible.
Reuben Mwatosya, Tembo’s Co-founder & COO, reaffirmed the company’s commitment to Tanzania as its home market and its plans for expansion across East Africa before venturing into West Africa.
About Tembo
Tembo collaborates with esteemed partners to provide banking services. Deposits and transfers are processed by well-established financial institutions such as Ecobank, Flutterwave, Cellulant, and AzamPay, all of which are licensed and regulated PSP providers, guaranteeing the safety and reliability of financial transactions.
Additionally, Tembo operates as Temboplus Company Limited, registered by Brela in Tanzania with Incorporation number 141853066. It is also registered as Temboplus Fintech Limited in Kenya with company number FC-2DTRAV. Furthermore, Temboplus Limited is registered in England and Wales with registration number 13917703.
Tembo prioritizes security and does not store sensitive information like Mobile Money PINs or passwords. The fintech startup collaborates with a PCIDSS-compliant payment processor to handle card details, adhering to global standards for payment security.
