Tanzanian fintech Tembo has secured a Payment Service Provider license from the National Bank of Rwanda.

The regulatory approval allows the company to expand its business-to-business payment infrastructure into the Rwandan market.

The Rwanda license comes as demand continues to grow for modern financial infrastructure supporting international trade, digital commerce, and cross-border payments across the continent.

Founded in Dar es Salaam in 2020, Tembo builds payment infrastructure for businesses rather than serving consumers directly.

The company currently operates across seven African markets and has processed more than US$1 billion in transaction volume for more than 100 enterprise customers.

The fintech works with financial institutions including Ecobank and CRDB Bank. It also integrates with mobile money networks such as M-Pesa and Airtel Money to facilitate cross-border payments for businesses.

Tembo is backed by Hustle Fund, Seedstars, Africa Renaissance Ventures, and Incisive Ventures.

“Core payment infrastructure remains the biggest gap in African fintech. The continent needs reliable payment rails that make moving money across borders as simple and seamless as moving information. That foundation is still missing.”

said Victor Joseph, Chief Executive of Tembo.

Featured image credit: Edited by Fintech News UAE, based on image by Tempo