Lagos-based fintech startup Fincra has secured approval from the Bank of Tanzania to operate as a licensed payment service provider in the country.

The licence allows Fincra to offer its suite of financial infrastructure tools, including virtual accounts, payment APIs, payment links, and checkout services, to businesses and developers, Techpoint.africa reports.

“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,” Fincra CEO and cofounder Wole Ayodele is quoted as saying.

Tanzania has seen a jump in mobile and digital payments as smartphone penetration deepens and financial inclusion initiatives gain ground, Techpoint.africa writes, with mobile money transactions up by more than 26.73% year on year in 2024.

With operations in Kenya and Uganda, Tanzania becomes the company’s third active market in East Africa. Fincra is also active in Ghana, the United Kingdom, Europe, South Africa, and North America. In early 2024, Ayodele also hinted at plans to expand into Francophone West Africa, Egypt, and Ethiopia.

Cofounded in 2021 by Ayodele, who previously co-founded the Nigerian crypto platform Quidax, the startup boasts having processed more than $10bn in transactions and says it is already profitable.