Cellulant gets nod to become payment solution service provider in Tanzania

TANZANIA – Digital payments company Cellulant, has been given an approval by the Bank of Tanzania (BOT) to operate as a Payment Solution Service Provider having satisfied all the necessary requirements. Payment Solution Service Providers make up the underlying e-Payment infrastructure in Tanzania and Banks, Online Merchants, payment processors, merchants, state governments, and consumers connect to PSSPs to meet their digital payment needs. This approval makes Cellulant one of the top Payment Solution Service Providers (PSSP) in Tanzania endorsed by the BOT to provide digital payments solutions across the nation.…

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Mwanga Bank mergers with Hakika Microfinance to reinforce foothold in Tanzania’s banking industry

TANZANIA – Mwanga Community Bank Limited (MCBL) and Hakika Microfinance Bank Limited (HK MFB), a private limited liability company are set to merge after they bought out EFC Tanzania Microfinance and formed MwangaHakika Microfinance Bank. Bank of Tanzania’s (BoT), Victor Tarimu, Manager Microfinance Banks and Bureau de Change Supervision, said the regulator has already issued the new microfinance bank license and the capital put is TSh4.618bn (US$2.02m). Mr Tarimu revealed that MwangaHakika Microfinance Bank’s headquarters will be in Dar es Salaam – where EFC was operating. Under the new merging…

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Tanzania to inaugurate US$15m gold refinery to boost mining sector

TANZANIA – Tanzania is set to commission a US$15 million gold refinery plant expected to have a production capacity of minimum 40 kilogrammes of refined gold per day, processed from almost one tonne of gold ore. After decades of exporting raw gold, the refinery will enable Tanzania to export refined gold and earn more from the value addition process. The refinery is being established in the country’s administrative capital Dodoma. The gold refinery is currently more than 80 per cent complete, and the first trial is set for October 25. Artisanal…

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