Lagos-Based Fintech Fincra Secures Tanzanian Licence
Lagos-based fintech startup Fincra has received approval from the Bank of Tanzania to operate as a licensed payment service provider, marking a major step in its expansion across Africa.
The licence allows Fincra to offer its suite of financial infrastructure products, including virtual accounts, payment APIs, payment links, and checkout services, to businesses and developers in Tanzania.
Founded in 2021 by Wole Ayodele, former co-founder of Nigerian crypto exchange Quidax, and Gideon Orovwiroro, Fincra provides payment solutions designed to facilitate local and cross-border transactions for African and international businesses. The company reports having processed more than $10 billion in transactions and says it is already profitable.
Tanzania becomes Fincra’s third market in East Africa, joining Kenya and Uganda, while the company also operates in Ghana, South Africa, the United Kingdom, Europe, and North America. This latest licence aligns with Tanzania’s growing digital economy, where mobile money usage increased by over 26.7% in 2024, according to the Bank of Tanzania.
“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. This is a key part of our mission to build the rails for an integrated Africa,” said Wole Ayodele, CEO of Fincra.
Uyo Abuh, Fincra’s Senior Marketing and Corporate Communications Associate, added, “Tanzania’s growing economy aligns with our strategic plans. The economy is evolving quickly towards digital solutions, and other businesses that depend on fintech startups are springing up.”
Tanzania boasts over 37 million mobile money users, with services like M-Pesa, Tigo Pesa, and Airtel Money dominating the market. Fincra’s platform aims to simplify cross-border payments by enabling local currency collections, instant payouts to bank accounts and mobile wallets, and real-time transfers via programmable APIs.