Tanzanian fintech Tembo has secured a Payment Service Provider (PSP) licence from the National Bank of Rwanda, allowing it to expand its business-to-business payment infrastructure into the country.

The approval gives Tembo access to Rwanda's growing digital payments market as demand increases for reliable payment infrastructure to support cross-border trade and enterprise transactions across Africa.

Tembo Takes Payment Infrastructure to Rwanda

Founded in Dar es Salaam in 2020, Tembo provides payment infrastructure for businesses and says it now operates across seven African markets, processing more than $1 billion in transaction volume for over 100 enterprise customers.

The fintech has partnered with financial institutions including Ecobank and CRDB Bank and integrates with mobile money platforms such as M-Pesa and Airtel Money to facilitate cross-border payments for businesses.

“Core payment infrastructure remains the biggest gap in African FinTech. The continent needs reliable payment rails that make moving money across borders as simple and seamless as moving information. That foundation is still missing,” said Victor Joseph, Chief Executive Officer of Tembo.



New Licence Expands Tembo's Regional Reach

The Rwanda licence adds another regulated market to Tembo's regional footprint and will enable the fintech to support businesses operating across multiple African markets.

Tembo said the expansion will help address the challenges businesses face when moving money across borders, including fragmented payment systems that can create friction and increase transaction costs.

Backed by Hustle Fund, Seedstars, Africa Renaissance Ventures and Incisive Ventures, Tembo is continuing to expand its payment infrastructure as businesses across Africa seek more connected and efficient ways to move money across borders.