By 
Tembo, a dynamic Tanzanian fintech startup dedicated to bolstering financial services infrastructure throughout Africa, has successfully secured its Payment Service Provider (PSP) license from the Central Bank of Tanzania.
The core mission of Tembo is to equip businesses with the necessary tools to seamlessly integrate and launch a comprehensive range of financial services across Africa. By providing APIs and SDKs, Tembo enables businesses to offer services like payments, collections, cards, wallets, and programmable bank accounts. This significant milestone empowers Tembo to deliver an extensive array of financial solutions, including domestic and cross-border payments, merchant services, and general payment processing.
As it embarks on this transformative journey, Tembo is unwavering in its commitment to enhancing its existing digital banking offerings and expanding its presence across Africa through strategic partnerships and cutting-edge solutions.
Victor Joseph, the co-founder & CEO of Tembo, expressed gratitude and excitement regarding this achievement:
“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 path to driving financial empowerment across Africa has been marked by strong collaborations with central banks, remittance companies, e-commerce platforms, mobile money operators, and digital lenders across Tanzania, Kenya, Rwanda, Uganda, and Nigeria.
The Tembo platform offers a wide range of financial solutions:
1. **Savings Goals:** Users can create multiple savings goals, whether it’s buying a home, starting a business, or planning for retirement.
2. **Flexible Contributions:** It allows users to add money to their savings goals using various payment methods, making saving effortless and convenient.
3. **Timely Reminders:** Users receive timely reminders to stay on track with their financial objectives, providing friendly nudges to maintain discipline.
4. **Investment Opportunities:** Tembo offers the opportunity to invest in Money Market Funds, allowing users to grow their savings with the potential for higher returns.
5. **Automated Payments:** Users can automate payments into their savings goals, ensuring they never miss a deposit and making their journey towards financial prosperity smoother.
Reuben Mwatosya, Tembo’s Co-founder & COO, emphasized the company’s dedication to Tanzania as its home market:
“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.”
**About Tembo:**
Tembo 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.
Tembo operates as Temboplus Company Limited, registered by Brela in Tanzania with Incorporation number 141853066. Additionally, they are 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.
Comments