Tembo secures Rwanda payments approval

By Milan Rojan

Tanzanian FinTech Tembo has secured a Payment Service Provider (PSP) licence from the National Bank of Rwanda, enabling the company to expand its business-to-business payment infrastructure into the Rwandan market.

Victor Joseph, Chief Executive Officer of Tembo, said: “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.”

The regulatory approval has allowed Tembo to extend its operations into Rwanda as demand for payment infrastructure supporting cross-border trade, digital commerce and enterprise payments continues to grow across Africa.

Founded in Dar es Salaam in 2020, Tembo has built payment infrastructure for businesses rather than providing consumer-facing financial services. The company has said it operates across seven African markets and has processed more than $1 billion in transaction volume for over 100 enterprise customers.

Tembo has partnered with financial institutions including Ecobank and CRDB Bank, while integrating with mobile money platforms such as M-Pesa and Airtel Money to facilitate cross-border payments for businesses.

The Rwanda licence has added another regulated market to Tembo’s regional footprint as the FinTech continues to expand its payment infrastructure across Africa. The company said the expansion is intended to support enterprises operating across multiple jurisdictions, where fragmented payment systems can create friction for cross-border transactions.

Tembo is backed by Hustle Fund, Seedstars, Africa Renaissance Ventures and Incisive Ventures. The latest regulatory approval has strengthened the company’s position as it continues to build payment infrastructure aimed at improving regional financial connectivity and supporting cross-border commerce.