Tuma Ventures Limited, the payments company regulated by the Financial Conduct Authority (FCA), has now secured approval as a licensed Payment System Provider (PSP) from the Bank of Tanzania.
Having obtained the PSP licence, Tuma Ventures is able to offer a comprehensive suite of financial services in Tanzania, including real-time payment processing for merchants, mobile wallet solutions, and float management for other fintechs. It says these solutions aim to advance financial inclusion and foster economic development.
This milestone 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 demonstrates the company’s commitment to regulatory compliance, innovation, and excellence in financial services across its markets.
“Our mission has always been to deliver secure, reliable, and accessible financial solutions,” explained Tuma Ventures’ director of operations. “We are thrilled to contribute to Tanzania’s economic growth and strengthen connections between families and businesses across borders with our innovative services.”
Tuma says it is empowering East Africans in the diaspora to seamlessly transact with their home countries as if they were physically present. By bridging the gap between the diaspora and their loved ones, Tuma fosters deeper connections and enables dependable financial transactions that enhance everyday life.
As a newly licensed PSP in Tanzania, Tuma offers cross-border payments that are affordable, efficient, and secure and meet global standards while addressing specific customer needs.
Tuma remains committed to fostering partnerships and driving digital adoption to advance financial inclusion. By working closely with regulators, partners, and stakeholders, Tuma also plans to continue to provide unparalleled value to its growing customer base while ensuring full compliance with local and international standards.
