Sylvia Duruson
Fintech company Unlimit has achieved another significant milestone in its regional expansion by obtaining a payment service provider license from the Bank of Tanzania (BOT). This approval paves the way for Unlimit to introduce a range of new offerings, including business payments, merchant services, and outbound payments, to the Tanzanian market. The launch of Tanzanian operations marks a critical step in Unlimit’s broader strategy of expanding its footprint across Africa, following the procurement of similar licenses in Nigeria and Kenya last year.
Peter Mlay, Head of Tanzania at Unlimit, expressed gratitude to the regulators for their support and guidance, 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.”
Founded in 2009, Unlimit is a global fintech company that offers a comprehensive portfolio of financial services, including payment processing, banking as a service (BaaS), and an on-ramp fiat solution for crypto, DeFi, and GameFi. The company’s mission is to deliver solutions that eliminate financial borders, enabling businesses to operate seamlessly, both locally and internationally, across Europe, the UK, Latin America, Asia-Pacific, and Africa. By launching operations in Tanzania, Unlimit’s third African country, the company underscores its continued commitment to enhancing its presence and investment in the region.
The expansion of Unlimit’s proprietary payment infrastructure across the continent aims to remove existing barriers to regional and global trade for Tanzanian entrepreneurs, aligning with the company’s mission of eliminating financial borders globally. Cross-border transactions have been growing consistently in recent years, and according to BCC Research, the market is projected to reach $238.8 billion by 2027, with a CAGR of 5.3 percent. Unlimit aims to provide clients with the freedom and flexibility to make payments from anywhere, at any time, eliminating limitations that hinder business expansion.
Trevor Goott, Director for Africa and India at Unlimit, highlighted the tremendous opportunity presented by the Tanzanian launch, stating, “We’re excited to bring our unparalleled payments infrastructure to yet another market in Africa. Through digital payment solutions expertly tailored to the continent, 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, formerly known as Unlimint until May 2023, changed its name to align its brand with its new positioning and mission. Initially launched in 2009 to focus on payment processing services, the company has continually expanded its capabilities and product offerings, implementing new solutions that address the ever-changing market demand. Kirill Evstratov, CEO at Unlimit, described his team’s passion for driving financial inclusion worldwide by making banking services more accessible, convenient, and affordable for people previously excluded from the traditional banking system due to their location, income level, or lack of credit history.
