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Flutterwave gets approval to launch payment service in Tanzania

Flutterwave gets approval to launch payment service in Tanzania

Flutterwave has added Tanzania as one of its markets after securing approval from the Bank of Tanzania (BoT) to launch its payments service in the country.

Flutterwave has an infrastructure reach in over 34 African countries, including Nigeria, Uganda, Kenya, and South Africa, and will be looking to open an office in Tanzania’s capital of Dar Es Salam.

The company in a statement said its goal is to drive connected digital payments and financial inclusion by enabling merchants and customers to trade efficiently through its platform across the country.

Through its products and services, Flutterwave also wants to help SMEs in Tanzania overcome challenges presented by the highly fragmented and complex payment and banking infrastructure. According to Statista, the transaction value of e-commerce in Tanzania is projected to reach $907m in 2022 with expected users estimated at 14.2 million by 2025.

Flutterwave, which recently became the most valuable fintech company in Africa at $3 billion, says its presence in Tanzania will further enhance the country’s ambition to elevate digital commerce, offering flexible, seamless, and affordable payment services to individuals and businesses.

Tanzania has the fourth-largest e-commerce consumer base in Africa with the number of online shoppers estimated at about 1.5 million according to the United Nations Conference on Trade and Development (UNCTAD). The number is considered low because of the sensitivity and complexity associated with payments services. Flutterwave plans to provide a safe and secure payments gateway but also provide an additional opportunity for shoppers to discover businesses, transact simply and drive financial inclusion.

Read also: Cadana partners Flutterwave to expand operations in Nigeria

“We want to ensure that our solutions eliminate significant barriers that have previously hindered African consumers and businesses from the untapped potential of local and cross-border e-commerce. We are delighted to launch operations in Tanzania and excited for what the future holds,” said Olugbenga ‘GB’ Agboola, Founder and Chief Executive Officer of Flutterwave.

Flutterwave for Business, Flutterwave Store, Flutterwave Market, and Send by Flutterwave are some of the products and services that users in Tanzania will be exposed to by the company. They will also be introduced to other payment partners such as Airtel Money, PayPal, and WorldPay.

Flutterwave has processed over 200 million transactions worth over $16 billion to date and serves more than 900,000 businesses including customers like Uber, Flywire,Booking.com, etc. The Company’s key advantage is international payment processing in 150 currencies and multiple payment modes including local and international cards, mobile wallets, bank transfers, Barter by Flutterwave, etc.