Our subsidiary Wakandi Tanzania was recently awarded the Payment Service Provider license by the Bank of Tanzania (BoT). The PSP license places the company together with a few other companies that work within the payment space in Tanzania. Wakandi Tanzania will be offering the CAMS system to SACCOS and microfinance organisations across the country for effective savings and loan management.
Getting the PSP License from the BoT holds substantial importance for the team on our path to achieve our goals. The license from BoT will open many doors for us not just in Tanzania but also in other countries in Africa. We will move quickly to launch our solution in countries, including South Africa, The Gambia, Kenya.
Espen Kvelland, the Wakandi Group CEO from Norway, puts it this way:
“When we started our journey in Tanzania two years ago, little did we know about how our journey in Tanzania would be. It has been a journey full of learning, iterations and a lot of fun.
As the Wakandi Group CEO, I’m incredibly proud of my team and what we can do. I’m also humble when it comes to the mission ahead of us. Our task is not to be taken lightly; after all, we deal with a group of people who really need our system and need us to be responsible when pricing our product and the position we take in the market. We are entering a market with few competitors. In addition, the various players in the market are focusing on different parts of the market, leading to a situation where we expect extreme growth in the coming years. With that growth comes new challenges, challenges that we look forward to attacking heads on!
Getting the license from the Bank of Tanzania is the last step before going live to provide our CAMS solution to our customers. At the moment, we have about 150 000 customers waiting for us to launch in Tanzania. The product-market fit is established, and now it’s all up to us to deliver.
It’s time for us to change the focus on the organisation and slowly move the company from a startup to a scale-up.
It’s a humble and proud team that gets ready!”