Financial solutions firm Tanda launches mobile wallet
The company said among benefits consumers would enjoy from TandaPay is an interoperable wallet.
Financial solutions firm, Tanda, has launched of its mobile wallet, TandaPay, after it received an eMoney issuer license from the Central Bank of Kenya (CBK).
The license gave Tanda greenlight to launch the mobile wallet, becoming the sixth company to be granted the CBK eMoney Issuer License.
Tanda said the license would enable it enhance its mission to unlock economic opportunities for people and businesses across Africa through mobile wallets, as it seeks to solidify its position as a key regional player in the industry.
“This distinction highlights Tanda's pivotal role in setting a benchmark for innovation and trust in the digital financial services sector,” it stated.
Mobile money
“Receiving the eMoney Issuer License is not just a regulatory achievement. It is a significant step towards realising our mission of unlocking economic opportunities for people and businesses across Kenya through mobile wallets,” said Geoffrey Mulei, co-founder and CEO of TandaPay.
The company said among benefits consumers would enjoy from TandaPay is an interoperable wallet, allowing any customer from across all mobile money networks to make payments through the TandaPay Till using *712# conveniently and for free.
Businesses that use the mobile wallet will receive a free TandaPay Till that enables them to get paid from any mobile money network and allows for easy payouts to Tills, Paybills or Saccos.
“With the TandaPay App and Online Dashboard, merchants can effortlessly manage collections and payouts,” the company said.
Payment systems
The company further said developers seeking an adaptable payment gateway will find its solution ideal, since the platform offers programmable solutions tailored to a developer’s needs.
Mr Mulei said Tanda is seeking to challenge the closed-loop model of incumbent telco-driven mobile money solutions, by providing a platform offering many solutions to users.
“Users want a single, seamless wallet to manage all transactions, regardless of bank, sacco, or fintech affiliation. TandaPay is among Kenya's first fully interoperable regulated mobile payment systems, seamlessly integrating all channels within a single wallet,” he said.
The company says it aims to reach 500,000 wallets in its first year and empower over 10 million customers in the long run.
