Kuda, the fintech company behind the innovative money app for Africans, has successfully secured a Payment Service Provider (PSP) licence in Tanzania. This licence, issued by the Bank of Tanzania (BoT), allows Kuda to offer secure, efficient, and affordable inbound remittance services to the Tanzanian diaspora. These services address the high average remittance cost of 6.35% for those sending funds from the UK, EU, US, and Canada.
The newly obtained licence enables Kuda to streamline cross-border payments, making it easier for Tanzanians to receive personal and business payments from abroad. Customers will have access to a variety of payment methods, including cards, mobile money, bank transfers, USSD, and EFT. Additionally, Tanzanian businesses can accept payments through Kuda’s merchant services, enhancing their payment processing capabilities.
This development will significantly benefit the Tanzanian diaspora, who regularly send remittances to support family, fund local businesses, or contribute to their communities. According to the Bank of Tanzania, remittances to the country amounted to US$569.3 million in 2021, underscoring the critical role of cross-border payments in the nation’s economic growth.
Babs Ogundeyi, Group CEO of Kuda Technologies, stated, “Obtaining the PSP licence in Tanzania is a landmark achievement for Kuda as we continue expanding our footprint across Africa. Tanzania is a critical market for us, and this licence enables us to provide innovative and cost-effective solutions for cross-border payments. We are committed to empowering the Tanzanian diaspora and supporting economic growth in the region by delivering secure, seamless remittance services that foster greater financial inclusion.”
The PSP licence represents a major milestone in Kuda’s mission to make financial services accessible, affordable, and rewarding for Africans worldwide, further solidifying its presence in Africa’s evolving financial landscape.
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