- Tanda has committed to build a robust ecosystem by partnering with merchants, saccos and fintechs aiming to reach 500,000 wallets in their first year.
- It also seeks to epower over 10 million customers in the long run.
Image: HANDOUT
Fintech and startup firm Tanda has received the greenlight from Central Bank of Kenya to offer mobile wallet solutions in the country.
This after being issued the eMoney issuer license, allowing it to launch TandaPay, a platform that seeks to enable consumers from across all mobile money networks to make payments through the TandaPay Till.
The platform will also allow businesses receive a free TandaPay Till, enabling them to get paid from any mobile money network.
“It allows for easy payouts to Tills, Paybills or Saccos hence merchants can effortlessly manage collections and payouts,” Tanda says in a statement.
“Developers seeking an adaptable payment gateway will also find their solution ideal.”
Commenting on the stride, the firm’s co-founder and CEO Geoffrey Mulei, said the issuance of the license is not just a regulatory achievement, but also a significant step towards realizing their mission of unlocking economic opportunities for people and businesses across the country.
“The time is ripe to challenge the closed-loop model of incumbent telco-driven mobile money solutions. Users want a single, seamless wallet to manage all transactions regardless of bank, Sacco, or fintech affiliation,” Mulei said.
He added that the move reinforces their mission to unlock economic opportunities for people and businesses across Africa, solidifying their position as a key player in the financial inclusion landscape across Kenya and East Africa.
The launched TandaPay is now among Kenya's first fully interoperable regulated mobile payment systems, seamlessly integrating all channels within a single wallet, making Tanda the sixth entity in history to be granted the rights to offer the services.
With the go ahead to offer mobile wallet solutions in the country, the service provider has committed to build a robust ecosystem by partnering with merchants, saccos and fintechs aiming to reach 500,000 wallets in their first year and empower over 10 million customers in the long run.
This it says will significantly contribute to country’s economic development.
Mobile money transactions in Kenya hit 68 per cent of GDP as of September last year, according to data company Global Voice Group (GVC).
It estimated that Kenyans make an average of Sh21.7 billion worth of mobile money transactions, highlighting the pivotal role mobile money plays in the economy.
Data from the Kenya National Bureau of Statistics for the year 2022 shows that the overall value of mobile money transactions reached an astounding Sh7.91 trillion, marking a 15 per cent surge compared to the figures reported in 2021.