Fintech Firm Tuma Secures PSP License From Bank of Tanzania

Fintech innovator, Tuma Ventures Limited, has announced its approval as a licensed Payment Systems Provider (PSP) by the Bank of Tanzania. 

In a statement, the company said this significant achievement underscores its dedication to delivering secure, seamless and customer-focused financial solutions to communities across the region and beyond. 

Tuma Ventures Limited is a fintech company specializing in “softPOS” technology.

The PSP license, the company further noted, affirms its adherence to stringent regulatory standards and unlocks its ability to offer a comprehensive suite of financial services in Tanzania. 

These include real-time payment processing for merchants, mobile wallet solutions and float management for other fintechs; solutions designed to advance financial inclusion and foster economic development. 

Commenting on this milestone, Tuma Ventures’ General Manager Francis Kamau said securing this license from the Bank of Tanzania marks a pivotal moment for Tuma as they expand into Tanzania’s vibrant market. 

“Our mission has always been to deliver secure, reliable, and accessible financial solutions. We are thrilled to contribute to Tanzania’s economic growth and strengthen connections between families and businesses across the border with our innovative services,” he said. 

This license nod builds on Tuma’s foundation as a licensed Payments Institution in the UK, which serves as the cornerstone of its remittance operations in East Africa. 

It further demonstrates the company’s commitment to regulatory compliance, innovation and excellence in financial services across its markets. 

Kamau further said that Tuma is more than a payment service adding that it’s a lifestyle product empowering East Africans in the diaspora to seamlessly transact with their home countries as if they were physically present. 

“By bridging this gap between the diaspora and their loved ones, Tuma fosters deeper connections and enables dependable financial transactions that enhance everyday life,” he added.

As a newly licensed PSP in Tanzania, Tuma aims to revolutionise cross-border payments by offering solutions that are affordable, efficient and secure. 

These services also aim to meet global standards while addressing the specific needs of its customers. 

Tuma affirmed that it remains committed to fostering partnerships and driving digital adoption to advance financial inclusion. 

By working closely with regulators, partners and stakeholders, Tuma said it will continue to provide unparalleled value to its growing customer base while ensuring full compliance with local and international standards.

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