After being approved by Tanzania's central bank to operate as a payments service provider (PSP), the UK-based fintech Unlimit is about to begin operations there.
After being approved by Tanzania's central bank to operate as a payments service provider (PSP), the UK-based fintech Unlimit is about to begin operations there.
With its new license from the Bank of Tanzania (BOT), the company—which specializes in cross-border commercial payments infrastructure—says it intends to use it to launch “new offerings such as business payments, merchant services, and outbound payments” into the Tanzanian market.
The fintech was granted approval as a payment solution service provider (PSSP) by the Central Bank of Nigeria in April of last year, and it also obtained a license from the Central Bank of Kenya in June of the same year. These developments serve to bolster the company's aspirations to expand throughout Africa.
In keeping with its mission to "eliminate financial borders around the world," Unlimit, formerly known as Unlimint, claims that the launch of its payments infrastructure into these three markets will "remove existing barriers to regional and global trade."
The new license is "a tremendous opportunity," according to Trevor Goott, head of Unlimit for Africa and India. He also says that by assisting regional companies and individuals, Unlimit hopes to "help consolidate the fragmented African payments landscape and drive broader economic growth."
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