Unlimit, a fintech organization based in London that exclusively deals with cross-border payments, has publicized its recent entry into the Tanzanian market following the acquisition of a mandatory license from the Bank of Tanzania (BOT). This move comes less than twelve months after its successful expansion in Nigeria and Kenya, which helped it gain credibility as a reliable provider of payment solutions in these regions.
The license approval from the Bank of Tanzania enables Unlimit to bring a new range of services set to cater to the Tanzanian market. These services will include business payments, merchant services, and outbound payments.
This new venture is indicative of the fintech’s dedication towards enhancing its investment and presence in Africa. In fact, it aims to amplify the reach of its unique payment infrastructure all across the continent.
Integration of this infrastructure seeks to eliminate the currently existing barriers to global and regional trade, specifically for the Tanzanian entrepreneurs. It perfectly aligns with Unlimit’s ultimate goal of eradicating financial obstacles globally.
Trevor Goott, who is the Director of Unlimit for Africa and India, stated that they strongly believe they can help unify the segmented African payments market and stimulate wider economic growth. They plan to achieve this by offering unparalleled support to local businesses and entrepreneurs through their bespoke digital payment solutions. He further emphasized their long-term commitment to this venture.
In April 2023, the London-based fintech company, Unlimit, kickstarted its first operations in Africa, specifically in Nigeria. This became possible after Unlimit acquired a Payment Solution Service Provider (PSSP) license from the Central Bank of Nigeria. This significant step signified the fintech company’s entrance into the African financial market.
Securing the Payment Solution Service Provider (PSSP) license from the Central Bank of Nigeria in April 2023 allowed Unlimit to operate as an officially recognized payment service provider in Nigeria. This license facilitated the implementation of various payment services and methods that benefitted local businesses by enabling them to extend their reach to both local and international customers.
Further expanding its African footprint, Unlimit declared in June 2023 that it was extending operations to Kenya.
These strategic moves not only helped Unlimit establish itself across key African markets but also set the stage for direct competition with other established fintech companies in Africa. With its entry into Nigeria and Kenya, Unlimit became a contender alongside fintech firms such as Flutterwave, Lemfi, Payday, and Grey Finance.
Unlimit went on to build a significant issuing partnership with Union Pay International (UPI), one of the globally foremost payment service networks, in November 2023. This collaboration was devised to rapidly expand Unlimit’s Banking-as-a-Service (BaaS) platform.
Additionally, Unlimit’s BaaS clientele could incorporate UPI cards into their digital services, primarily targeting customers who regularly engage in international transactions. Concurrently, businesses grappling with the complexities of cross-border transactions could conveniently utilize the Unlimit BaaS platform through UPI cards. This integration signified a significant move towards easier and more efficient international financial transactions.
