BoT licenses Airpay for digital financial services

DAR ES SALAAM: Bank of Tanzania (BoT) has issued license to the Airpay Tanzania a subsidiary of India’s integrated financial services platform that will boost access digital financial services.

The Airpay, which is based in Zanzibar, said that it will conduct its activities professionally.

Founder of the company, Mr Kunal Jhunjhunwala, said recently that they were pleased to secure license from the BoT and that makes them a chance to widen their scope in provision of the digital financial services in Africa.

He said the achievement was a result of consultation with various stakeholders in both mainland and Zanzibar since it started in February this year.

Mr Jhunjunwala said the Airpay engaged the consulting firm of Twigalpha Limited which is based in Tanzania with aim of getting professional guidance on how to expand in the Africa market.

“There is a huge opportunity for the Airpay in Tanzania in building the cashless community,” he said.

He added: “We will do our best to support government’s efforts towards digital transformation in financial services.”

The Company’s Co-founder Mr Yasmin Chali said they look forward to bringing in innovative safe payments for people in Africa.

The Company’s Vice Chairperson, Mr Mihayo Wilmore, said the license gives the company capacity to work in financial ecological system in Tanzania.

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