Payments service provider Virtual Pay has launched in Tanzania, extending its regional footprint after entry in Kenya in 2020.
The Bank of Tanzania granted the global payment solutions provider a licence to operate in East Africa’s second-largest economy.
The company also has a presence in Mauritius and the United Arab Emirates (UAE), operating across a range of industries, including financial services, online retail and trading, hospitality and travel.
Virtual Pay Group chief executive David Morema said its entry into Tanzania gives the company a platform to continue its growth trajectory even as it eyes a larger share of the global payments market.
“We at Virtual Pay strive to be one of the world’s leading global payment technology companies,” Mr Morema said, adding that they would do so by “providing cutting-edge payments solutions.”
Virtual Pay Tanzania managing director Miriam Nghwani affirmed the importance of synergies between players in the online payments processing space.
“The conversation into the future will be driven by all actors within the payments ecosystem, such as banks, card issuers, merchants and government.”
Tanzania’s Information and Communication Technology Commission’s Director-General Dr Nkundwe Moses Mwasaga said the company’s entry into the country would help drive the creation of jobs and business opportunities.