Pan-African payment fintech, Fincra, has just landed a key regulatory win in East Africa – and it’s one more node in its crypto-aligned vision for frictionless, cross-border money movement across the continent.
Fincra, a rising star in Africa’s digital payments infrastructure, has secured a Payment System Provider (PSP) license from the Bank of Tanzania, gaining the regulatory greenlight to offer local payment services in one of East Africa’s fastest-growing fintech markets.
The PSP license allows Fincra to provide secure collections in Tanzanian Shillings, facilitate domestic payouts, and enable international payments — all via APIs that can serve everything from banks and businesses to crypto exchanges and Web3 platforms looking for local settlement rails.
“With this new license, we’re now able to offer secure, scalable, and compliant payment services to businesses operating in East Africa,” said Wole Ayodele, CEO of Fincra.
We’re very excited to have received our license to operate in Tanzania. I thank God for continuing to show us favor on this journey of love and integration. East Africa, we’re open for business. https://t.co/pteQ4A27lu
— Wole Ayodele (@AyowoleOA) June 3, 2025
From Lagos to Dar es Salaam: Fincra’s Quiet Expansion
Founded with the ambition to become the payment infrastructure backbone for a borderless Africa, Fincra has made steady moves across the continent having already processed over $10 billion in transactions volume.
The fintech is already licensed in Nigeria as an IMTO (International Money Transfer Operator) and a PSSP (Payment Service Solution Provider), and operates as a Third Party Payments Provider (TPPP) in South Africa.
REGULATION | Nigerian Fintech, Fincra, Secures South African Licence, Taps Ex-Binance Africa Director to Power Payments Across Africa
Since 2023, @FincraHQ has processed over $10 billion in transactions, serving clients including in #stablecoins https://t.co/imUDWLQROE pic.twitter.com/M7OpnjR3ii
— BitKE (@BitcoinKE) May 31, 2025
This latest regulatory approval in Tanzania gives Fincra a strategic position in East Africa – complementing its presence in West and Southern Africa.
“Tanzania’s growing digital economy and national financial inclusion agenda make it a natural fit,” said Uyo Abuh, Senior Marketing and Communications Lead at Fincra.
The Bank of Tanzania has signaled its commitment to modernizing payments through its National Payment Systems Vision 2025, aiming to expand access, reduce transaction costs, and support innovation. Over 37 million Tanzanians now use mobile money platforms like M-PESA, Tigo Pesa, and Airtel Money, making the country a mobile-first finance frontier.
The Big Picture: Bypassing Legacy Systems with API-First Fintech
Fincra’s approach is API-first, crypto-aligned, and infrastructure-focused.
Instead of relying on costly correspondent banking systems – which often route African cross-border payments through New York or London – Fincra operates its own internal liquidity pools, enabling faster settlements and lower fees for regional transactions.
For example, a South African school can now accept tuition from a Nigerian student in Naira, and receive settlement in ZAR, all via Fincra’s infrastructure – no SWIFT, no middlemen.
This model resonates with a growing trend in African fintech: replacing the traditional banking stack with programmable money infrastructure that integrates fiat and crypto-native use cases. Fincra’s solution isn’t tokenized (yet), but its architecture supports the same kind of borderless, real-time payments that crypto networks like USDT or USDC are pushing for.
“payments giant @theflutterwave – valued at $3bn – showcased their $USDC merchant settlement solution built on #Hedera…” LIST | Here Are the 28 Leading African Fintechs Partnering with Circle in New Stablecoin Network – https://t.co/Ti6GQHk8nq
— Apollo (@Apollo19681011) April 25, 2025
According to the World Bank, sending $200 across African borders still costs nearly 9% on average, largely due to these legacy payment pathways. Fincra, along with players like Chipper Cash and MFS Africa, aims to cut that number drastically.
Why It Matters for Crypto and Global Fintech
While Fincra doesn’t issue crypto, its infrastructure could become a key fiat on/off-ramp across multiple markets – something crucial for DeFi platforms, exchanges, and wallet providers looking to operate compliantly across Africa.
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Chainalysis noted that fiat off-ramping services are important because they’re where criminals can convert their crypto into cash – ‘the… pic.twitter.com/zqXpSk2PDD
— BitKE (@BitcoinKE) February 24, 2024
The real value?
Regulatory alignment.
In markets like Nigeria and Tanzania, where crypto is either restricted or carefully watched, working with licensed players like Fincra can offer a safe bridge between fiat rails and blockchain protocols.
REPORT | Tanzania Witnessed a 250% Increase in Crypto Fraud, Reveals a H1 2023 Statistic
Edited ID Cards accounted for 41% of all fraud cases in Tanzania , involving manipulated legitimate documents while Nigeria reported a concerning 61% of fraud instances attributed to… pic.twitter.com/RkLLIyll6b
— BitKE (@BitcoinKE) August 21, 2023
Fincra’s expansion is a signal to Web3 builders: if you want to serve African markets, you need to go local – and licensed.
TL;DR
Fincra has secured a PSP license in Tanzania, expanding its regulated footprint in East Africa.
The fintech is now licensed in Nigeria, South Africa, and Tanzania, offering cross-border API-based payments for businesses.
This positions Fincra as a critical fiat infrastructure layer for both traditional and crypto fintechs on the continent.
As Africa pushes for financial inclusion and real-time payment systems, companies like Fincra are creating on-ramps for crypto-native solutions without touching tokens – yet.
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