Dar Es Salaam, Tanzania, 7th March 2022: Flutterwave, Africa’s leading payments technology company, has gained approval from the Bank of Tanzania (BoT) to launch its seamless payment service in the Republic of Tanzania. The approval comes after the Bank of Tanzania conducted due diligence and Flutterwave satisfied all requirements necessary to receive a license to operate in the country.
With the approval, Flutterwave will open its offices in Dar Es Salaam with the aim to drive connected digital payments and financial inclusion by enabling merchants and customers to trade efficiently through its platform across the country. Flutterwave’s products and services will look to support the about 95% of Tanzania’s SMEs that represent about 35% of the country’s GDP overcome challenges presented by the highly fragmented and complex payment and banking infrastructure.
According to Statista, the transaction value of e-commerce in Tanzania is projected to reach $907m in 2022 with expected users estimated at 14.2m by 2025. The Bank of Tanzania has over the past few years developed regulations and policies necessary to see the growth of the payments ecosystem that aim to realize these goals. The introduction of Flutterwave in Tanzania will enhance the country’s ambition to elevate digital commerce, offering flexible, seamless, and affordable payment services to individuals and businesses.
In addition, Tanzania has the fourth-largest e-commerce consumer base in Africa with the number of online shoppers estimated at about 1.5 million according to the United Nations Conference on Trade and Development (UNCTAD). However, this number remains low due to the sensitivity and complexity associated with payments services. Flutterwave aims to not only provide a safe and secure payments gateway but also provide an additional opportunity for shoppers to discover businesses, transact simply and drive financial inclusion.
Commenting on the launch of Flutterwave operations in Tanzania, Olugbenga ‘GB’ Agboola, Founder and Chief Executive Officer of Flutterwave said;
‘Tanzania has a flourishing SME industry across different business verticals e.g. tourism, and Flutterwave’s goal is to deploy products and services that enhance and enable small and medium-sized businesses in the country to transact and expand operations to reach new customers and global markets. We want to ensure that our solutions eliminate significant barriers that have previously hindered African consumers and businesses from the untapped potential of local and cross-border e-commerce. We are delighted to launch operations in Tanzania and excited for what the future holds.’
Flutterwave will provide key products and services that include Flutterwave for Business, Flutterwave Store, Flutterwave Market, Send by Flutterwave in addition to introducing customers to other payment partners such as Airtel Money, PayPal, and WorldPay.