Presence and Licensing

PalmPay operates in Tanzania through Sharp Financial Services (T) Limited, a licensed microfinance provider regulated by the Bank of Tanzania. This gives it the authority to offer digital lending and related financial services in the country.

Services Offered

In Tanzania, PalmPay primarily provides digital loans and is gradually expanding into broader financial services. Key features include:

Loan amounts from about TZS 10,000 to TZS 1,000,000

Repayment periods ranging from 61 to 180 days

Interest rates with an annual percentage rate (APR) of up to 36%

Eligibility: Tanzanian citizens aged 18–55 with valid ID and ability to repay

Loan disbursement directly into linked mobile money accounts

Application process is fully digital, requiring no paperwork

Strategic Focus

Tanzania is one of PalmPay’s key expansion markets as part of its broader African growth strategy. Beyond personal lending, PalmPay is also aiming to serve small and medium businesses with payment and financial solutions.

Regulation and Oversight

PalmPay Tanzania’s activities are regulated under the microfinance framework of the Bank of Tanzania. This ensures compliance with rules around lending, data privacy, and consumer protection in the financial sector.

Strengths

Growing smartphone and mobile money adoption creates a strong user base

Quick, convenient loan access without paperwork

Opportunity to expand into payments and business services

Challenges

High interest rates may limit accessibility or lead to repayment challenges

Strong competition from established mobile money services like M-Pesa, Tigo Pesa, and Airtel Money

Regulatory environment is tightening around digital lending, which could increase compliance costs