Tembo secures Payment Service Provider licence in Rwanda

Tanzanian fintech Tembo has received a Payment Service Provider (PSP) licence in Rwanda, marking another step in its regional expansion strategy as it looks to establish operations across Eastern, Southern, and Central Africa.

“Rwanda has established itself as one of Africa’s most progressive destinations for fintech innovation through forward-looking regulation and a strong commitment to digital transformation,” Reuben Mwatosya, Tembo’s co-founder, said in a statement. “We are proud to join this ecosystem and look forward to supporting businesses operating across Rwanda, East Africa, and the wider continent with world-class payment infrastructure.”

The licence allows Tembo to offer regulated payment services in Rwanda, placing it alongside other providers in the market, including Paystack, Irembo, NALA, and fellow Tanzanian fintech Azampay.

Tembo already operates in seven African markets and is licensed as a Money Services Business in the United States. Since its launch, it has processed more than $1 billion in transactions and now serves more than 100 businesses.

The company provides B2B payment infrastructure for banks, global merchants, and large enterprises, enabling treasury services, virtual accounts, and domestic and cross-border collections through a single platform. It is backed by investors including Hustle Fund, Seedstars, Incisive Ventures, and Africa Renaissance Ventures.

Tembo also works with financial institutions such as Ecobank, CRDB Bank, Flutterwave, M-Pesa, and Airtel Money to expand payment capabilities across multiple markets.

Speaking about the licence, CEO Victor Joseph described core payments infrastructure as the biggest gap in African fintech and said it is the reason Tembo exists.

“The continent needs reliable payment rails that make moving money across borders as simple and seamless as moving information. That foundation is still missing,” Joseph said. “Our mission is to build the payment and banking rails that power Africa’s trade with itself and with the world.”

Despite having a smaller payments market than South Africa, Kenya, or Nigeria, Rwanda offers fintechs regulatory clarity and predictability. In 2025, its fintech passporting initiative with Ghana provided a blueprint for reducing regulatory friction across African markets, and the country has since announced plans for a similar arrangement with Kenya.

Rwanda has also continued to introduce policies aimed at attracting businesses. Coupled with its position as a regional economic hub, the country offers fintechs a strategic gateway into the broader East African market.