Swahilies Announces Approval of Payment Service Provider License from the Bank of Tanzania

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Swahilies has officially received its Payment Service Provider (PSP) License from the Bank of Tanzania, marking a major milestone in the company’s mission to strengthen digital financial infrastructure and empower businesses across Tanzania and the wider African market.

The license enables Swahilies to directly build and launch financial products in collaboration with licensed partners while expanding support for businesses with growing transaction needs.

Over the past several years, Swahilies says it has worked with more than 15,000 small and medium-sized enterprises (SMEs) through bookkeeping and embedded finance solutions, helping businesses streamline operations and access financial tools designed for growth.

In a statement published on LinkedIn, the company’s CEO described the development as a pivotal step for the business and its long-term vision for financial innovation in Tanzania.

I’m happy to share that the Central Bank of Tanzania (BOT) has granted Swahilies our own Payment Service Provider (PSP) License.

Over the past few years, we have worked with more than 15,000 SMEs through bookkeeping and embedded finance solutions. This license now allows us to build and launch our own financial products directly with licensed partners, while also serving businesses with higher transaction volumes.

We are getting back to work, focused on building bigger things for businesses across Tanzania.”

The approval positions Swahilies among a growing number of fintech companies contributing to East Africa’s rapidly evolving digital payments ecosystem. The PSP framework regulated by the Bank of Tanzania allows licensed providers to facilitate payment services, merchant solutions, and broader digital financial operations within the country.

Industry analysts continue to point to Tanzania as one of the region’s emerging fintech markets, driven by increased digital adoption, mobile money penetration, and rising demand for accessible business finance solutions.

With the new license in place, Swahilies says it plans to accelerate the development of innovative payment technologies aimed at supporting SMEs, improving transaction efficiency, and expanding financial inclusion across the continent.