Ramani is building modern financial infrastructure for Africa’s supply chains. 40 Days 40 FinTechs Tanzania Day 26

Tanzanian FinTech company, Ramani is leading the transformation of Africa’s supply chains through the development of the latest technology financial infrastructure.

Founded in 2019, Ramani is focused on fixing fragmented consumer goods supply chains that traditionally suffer from a lack of data visibility and are burdened by limited access to financial services. It fixes this by providing tech-enabled inventory management systems, procurement, and point-of-sale software to digitize the processes of companies thus helping them gain real-time sales insights and inventory visibility.

According to Iain Usiri, a Co-Founder and CEO of Ramani, the company offers procurement, inventory management and financing services.

“We work with producers of fast-moving consumer goods to provide their distributors with 30-day terms on inventory. We digitize those distributors with our technology. We give them a point-of-sale application, an inventory management application and a procurement application that allows them to digitize their operations. From that, we use that data to provide them with working capital financing for their inventory,” Usiri said.

He added: “We have built a point of sale (POS) application that is used by salespeople when they go to the market to record their sales. Every time they sell, they input the transactions into the POS and then print a receipt for that customer. The point of sale works in English and Swahili, online and offline.”

Usiri noted that their procurement application is integrated through WhatsApp and thus accessible on mobile phones anywhere, anytime. 

“We have integrated and purely digitized inflows, storage and outflows for these distributors. We bring efficiencies to them but also get real-time data which is valuable for us to provide our latest offering which is loans and financing. Once you are digitized, you submit your KYC and your contracts and then we will underwrite you. We will set for you a credit limit and you can procure within that limit,” Usiri said, adding:  

“For example, if we set for you a limit of USD 50,000, you can procure from for example Coca Cola products worth USD 50,000, we pay Coca-Cola on day zero, Coca-Cola delivers to you, you sell using our software and you pay the USD 50,000 back after 30 days plus a commission.”

He noted that Ramani has over the last three years been growing at an average of about 32 per cent every month, a fact that comes with several opportunities and challenges. He noted that the main challenge they faced was hiring the best talent.

“The biggest challenge we have faced is culture; where people feel like they want job security and they prefer working for big companies that have been around for decades. People forgo opportunity and go for security.”

We interacted with Ramani on Day 26 of the 40 Days 40 FinTechs initiative for Tanzania. First implemented in Uganda, 40 Days 40 FinTechs is an annual FinTech Innovation initiative presented by HiPipo to recognize and celebrate individuals and organizations who are making significant strides in promoting financial inclusivity through the use of technology.

It is aimed at promoting innovation and collaboration among FinTechs in Africa. The initiative is designed to provide FinTechs and startups with mentorship, training, exposure, and networking opportunities to help them grow and scale their businesses.

Usiri noted that the 40 Days 40 FinTechs platform is helping FinTechs build trust among regulators, investors and end-users.

“Telling our stories through 40 Days 40 FinTechs helps us build trust. Potential investors will get to know more about what we are doing. They learn more about us and trust us more. Eventually, we shall get more investors and more customers. The impact of such an initiative is huge.”

40 Days 40 FinTechs initiative Tanzania is part of HiPipo’s broader Include EveryOne Program that is generously supported by the Gates Foundation and implemented in partnership with Level One Project, ICTC Tanzania, Ideation Corner, Cyber PLC Academy, INFITX, Crosslake Technologies, NG Films, Founders Academy and Mojaloop Foundation.

The Include EveryOne program is a beacon of acceleration of FinTech Innovation, empowerment for Women in FinTech and a catalyst for investment and development in the ICT sector. Minus 40 Days 40 FinTechs, other initiatives under the Include EveryOne Program are the FinTech Landscape Exhibition, Women in FinTech Hackathon, Summit and Incubator, Digital Impact Awards Africa and the Digital and Financial Inclusion Summit.

HiPipo is recognized as a premier advocate of digital Innovation and financial inclusion champion, a fervent proponent of the #LevelOneProject. HiPipo has been at the forefront, actively promoting digital innovation, Instant, Inclusive Payment Systems (IIPS), and DFS across Africa. With a legacy of advising, mobilizing, and facilitating the adoption of inclusive financial services, HiPipo’s efforts have been nothing short of transformative! For almost two decades, HiPipo has successfully facilitated the inclusive adoption of these crucial services.