Flutterwave noted in a recent announcement that it got the necessary regulatory approval from the Bank of Tanzania (BoT) to function as a payment service provider in the East African nation.
“We’re excited to be bringing our products to great businesses and individuals in Tanzania after the Bank of Tanzania approved our license as a payment service provider,” Flutterwave said in a statement.
Following Flutterwave’s approval as a payment service provider in Tanzania, the company said it will dedicate its products and services to supporting Tanzanian SMEs, thus mitigating the infrastructural complexity these businesses endure using traditional financial institutions.
While Flutterwave could become a major competitor to traditional payment institutions in the country, the firm noted that its belief in collaborating with industry players has prompted its partnerships within Tanzanian’s mobile and banking sectors.
Notably, Flutterwave’s partnership with these institutions will foster seamless and fast payments for all Tanzanians.
According to Flutterwave, the benefits of offering its products and services to Tanzanian SMEs are endless, ranging from offering these companies the platform to promote their businesses online via the Flutterwave Store, to providing fast, secure, and simple payment solutions.
The move, according to Flutterwave, is part of efforts to expand the company’s presence across various markets on the African continent, as disclosed in the recently concluded Flutterwave 3.0 event.
It is worth noting that Flutterwave is one of the financial institutions using Ripple’s RippleNet for cross-border settlements.
The company, which joined Ripple’s payment solution in 2018, has processed over 140 million transactions worth more than $9 billion from clients such as Uber, Booking.com, Facebook, and Flywire.
Meanwhile, RippleNet has been adopted by various global financial institutions for cross-border payments.
Several financial institutions like Tranglo, Novatti, Mobile Money, and Al Ansari Exchange have all adopted Ripple’s payment solution to enhance their offerings.