Fincra Secures Licence to Operate in Tanzania, Expands East African Footprint

Lagos-based fintech startup Fincra is solidifying its presence in East Africa with a newly acquired operating licence from the Bank of Tanzania. The approval allows the company to function as a licensed payment service provider, extending its financial infrastructure offerings to Tanzanian businesses and developers.

With this milestone, Tanzania becomes Fincra’s third active market in East Africa—after Kenya and Uganda—adding to a regulatory footprint that already spans Ghana, South Africa, the UK, Europe, and North America.

“This is a key part of our mission to build the rails for an integrated Africa,” said Wole Ayodele, Fincra’s CEO and co-founder, in a statement. “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.”

Founded in 2021 by Ayodele—also a co-founder of crypto platform Quidax—and Gideon Orovwiroro, Fincra offers payment APIs, virtual accounts, payment links, and checkout services tailored to power local and cross-border financial operations. The startup claims to have processed over $10 billion in transactions and says it is already profitable.

A Strategic Move into a Rapidly Digitising Economy

“Tanzania’s growing economy aligns with our strategic plans,” noted Uyo Abuh, Fincra’s Senior Marketing and Corporate Communications Associate. “The economy is evolving quickly towards digital solutions, and other businesses that depend on fintech startups are springing up.”

The move comes at a time when Tanzania is experiencing a boom in digital and mobile payments. According to the Bank of Tanzania, mobile money transactions rose by 26.73% in 2024—a sign that fintech infrastructure is not just welcome but increasingly essential.

Beyond Expansion: Regulatory Momentum

Fincra’s Tanzanian licence follows the recent renewal of its Third Party Payment Provider (TPPP) licence in South Africa, underscoring the fintech’s regulatory momentum. For a company aiming to serve both local and global clients, regulatory credibility has become a central part of its playbook.

As more African economies modernise their payment ecosystems, the demand for seamless, reliable infrastructure continues to rise. Fincra’s entry into Tanzania signals not just geographic expansion, but also a bet on the future of interconnected African commerce.