Africa: Fincra Secures Tanzanian Licence, Strengthens Presence in East Africa

In a major boost to its pan-African growth strategy, Lagos-based fintech company Fincra has obtained regulatory approval from the Bank of Tanzania to operate as a licensed payment service provider. This marks a key milestone in the company’s expansion into East Africa, allowing it to extend its payment infrastructure services across the region.

The newly acquired licence enables Fincra to offer its comprehensive suite of financial tools—including virtual accounts, payment APIs, checkout services, and payment links—to businesses and developers within 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,” said Wole Ayodele, Chief Executive Officer of Fincra. “This is a key part of our mission to build the rails for an integrated Africa.”

Founded in 2021 by Ayodele—also a co-founder of crypto exchange Quidax—and Gideon Orovwiroro, Fincra provides digital infrastructure that powers both local and cross-border transactions for African and global enterprises. Since its inception, the company claims to have processed over $10 billion in transactions and reports operational profitability.

The Tanzanian approval follows Fincra’s Third Party Payment Provider (TPPP) licence renewal in South Africa, further consolidating its regulatory presence across multiple jurisdictions. With active operations already in Kenya and Uganda, Tanzania becomes Fincra’s third hub in East Africa. The company also has footprints in Ghana, the United Kingdom, Europe, North America, and South Africa.

Commenting on the development, Uyo Abuh, Senior Marketing and Corporate Communications Associate at Fincra, noted that the Tanzanian market is ripe for digital financial solutions. “Tanzania’s growing economy aligns with our strategic vision. The country is embracing digital transformation rapidly, and an increasing number of fintech-dependent businesses are emerging.”

The approval comes amid significant growth in Tanzania’s digital payments landscape. According to the Bank of Tanzania, mobile money transactions rose by over 26.73% in 2024, driven by rising smartphone usage and deepening financial inclusion efforts.

While East Africa remains a focal point, Fincra’s broader ambitions include entry into Francophone West Africa, Egypt, and Ethiopia, as previously hinted by Ayodele. Though these expansions are yet to materialise, the company’s current momentum positions it as a strong contender in Africa’s evolving digital finance sector.