Unlimit Expands African Footprint with Acquisition of Payment License in Tanzania

Fintech powerhouse Unlimit has marked its entry into the Tanzanian market by securing approval from the Bank of Tanzania (BOT) for its payment service provider license. This strategic move follows similar licenses granted in Nigeria and Kenya last year, emphasizing Unlimit’s commitment to bolstering its presence across Africa.

The BOT’s authorization enables Unlimit to offer an array of services, including business payments, merchant solutions, and outbound payments, among others, within the Tanzanian market. Unlimit’s expansion aligns with its broader strategy of eliminating financial borders, providing seamless financial services to businesses operating both locally and internationally.

Peter Mlay, Head of Tanzania at Unlimit, expressed gratitude to regulators, stating, “We are now looking forward to onboarding international and local merchants, businesses, and entrepreneurs and driving more value and consumer choice across the Tanzanian market through our unique payment solutions.”

Unlimit, originally launched in 2009, has evolved into a global fintech leader, offering a comprehensive portfolio of financial services, from payment processing to banking as a service (BaaS) and facilitating fiat solutions for crypto, DeFi, and GameFi. The company, based in London, boasts a global workforce of 500 employees across 16 offices spanning Europe, the UK, LatAm, APAC, and Africa.

By obtaining its third African payment license in Tanzania, Unlimit aims to expand its proprietary payment infrastructure throughout the continent, removing barriers to regional and global trade for entrepreneurs. The company’s mission is aligned with eliminating financial borders globally and enhancing its presence in Africa.

Trevor Goott, Director for Africa and India at Unlimit, highlighted the significance of launching operations in Tanzania, stating, “We strongly believe we can help consolidate the fragmented African payments landscape and drive broader economic growth by providing the best possible support to local businesses and entrepreneurs. We are building for the long-term.”

Unlimit’s commitment to innovation and financial inclusion is evident in its constant expansion of capabilities and product offerings. The company’s CEO, Kirill Evstratov, emphasized the global impact of Unlimit’s approach, making banking services more accessible, convenient, and affordable for individuals excluded from traditional banking due to location, income levels, or lack of credit history.

As cross-border transactions continue to grow, Unlimit’s payment infrastructure aims to give clients the freedom and flexibility to conduct transactions globally. The company’s entry into Tanzania further solidifies its position as a key player in the evolving fintech landscape, providing tailored solutions to meet the dynamic demands of the market.