Tintra to establish new hub in Rwanda

RNS Number : 2946S

Tintra PLC

08 March 2023

 

8 March 2023

TINTRA PLC

  ("Tintra", the "Group" or the "Company")

Tintra to establish new hub in Rwanda

The board of directors (the "Board") of Tintra ,  the fast-growth Deep Tech & Banking business, today announces a strategic addition to its hub and spoke model.

Tintra has identified that its major strategic goals can be met faster with the addition of a banking hub on the African continent, and following a number of extensive discussions with representatives from a number of government departments, including with the Rwandan Central Bank and Rwanda Development Board, both of whom have, subject to submission of the Regulatory Business Plan, expressed enthusiastic support Tintra's project, the Company is pleased to announce it will establish a banking hub in Rwanda.

The Company has already engaged lawyers in Rwanda and will now commence the establishment of a local subsidiary and commence the licensing application process with the National Bank of Rwanda.

The identification of Rwanda as the Group's hub in Africa, follows on the establishment of similar regional hubs in the UK, Qatar, Puerto Rico and Singapore.

Constantine Chikosi, Tintra's recently appointed Director of Strategic Initiatives for Africa commented, "I am very excited that our footprint in Africa begins in Rwanda and that it will enable us to serve customers in East Africa's dynamic economies from that base. Building on a very collaborative relationship with Rwandan authorities, I expect that the granting of a banking license, which we expect to have timing guidelines on soon, will allow us to enable greater financial inclusion in East Africa in the shortest time possible."

Richard Shearer, the Company's Chief Executive Officer, said: "This amendment to our originally conceptualised 4 hub-plus-spoke model is a direct result of the ground-breaking work being undertaken by Dr Davy Smith and his team of researchers within Tintra's Culture Lab - compounded by Constantine's addition as head of the dedicated Strategic African Team which is already proving to be an incredibly valuable addition.

These two aspects, when combined, mean our territorial coverage has unlocked deep and textured understanding of regional nuance that is incredibly powerful. There really is no other organisation in the world addressing the need of those that lack financial inclusion in the scientific but commercially minded way that we are. Using artificial intelligence to unlock insights that will, in time, give us a true

competitive edge protected by the patents that we already have pending.

Should a licence application be successful, which we fully expect it to be, Rwanda will act as a regional hub using our Qatar base as a correspondent through which customers can remove the friction they face from the current banking practises and challenges faced in the region.

Both tech & regulatory Tintra Team members will be visiting Rwanda later this month to commence the process of establishment along with delivery roadmaps for authorisation by the regulator, as we continue our mission to use artificial intelligence to make real change™ "

For further information, contact:

Tintra PLC (Communications Head) Hannah Haffield [e-mail] Website www.tintra.com	020 3795 0421
Allenby Capital Limited (Nomad, Financial Adviser & Broker) John Depasquale / Nick Harriss / Vivek Bhardwaj	020 3328 5656

 

END

 

 

MSCZZGGFLRFGFZG