2024 Top 40 Women Leaders Under 40: Pioneering Change in FinTech and Beyond

In the wake of the influential and widely celebrated inaugural “100 Women in FinTech” listing in 2023, we are excited to announce an even more ambitious and impactful edition for 2024. This year’s edition expands on the previous year’s achievements and introduces several new dimensions to recognise and celebrate the women leading the way in the FinTech industry.

In a noteworthy enhancement from last year, the top 100 women selected for 2024 will be honoured with a “Digital Certificate of Excellence.” This prestigious acknowledgement is a testament to their outstanding contributions, service, and societal roles. These are lifelong accolades, empowering recipients to showcase their achievements in their professional biographies and across various social communication platforms.

As we approach the International Women’s Day celebrations, we are thrilled to spotlight 40 remarkable women leaders. These leaders are not just making strides in financial inclusion and gender diversity; they are redefining what it means to be a leader in today’s dynamic financial landscape.

Selected through a People’s Choice process, these 40 women represent the very best of innovation, executive leadership, entrepreneurship, and business acumen — all under 40. They are the women who have been directly nominated by those whose lives and careers they have significantly impacted.

Starting January 30th, 2024, we embark on a journey to showcase one exceptional woman leader each day individually. This culminates on March 8th, aligning with International Women’s Day, when the highly anticipated “HiPipo Women in FinTech Magazine” will be published, featuring more inspiring women.

Join us in this celebration as we highlight these trailblazing women excelling in their fields and paving the way for future generations in FinTech and beyond.

Pocket Budgeting is promoting prudent Financial Management. 40 Days 40 FinTechs Tanzania Day 41

Earning money is very hard but spending needs no rocket science. For instance, it is not news that someone can have TSh. 1,000,000 in the morning and by evening, s/he has used up all the money. This may be due to unnecessary spending, extravagance or poor planning.

Nonetheless, Innovators are using technology to develop tools and platforms that can cure such ills. On Day 41 of the 40 Days 40 FinTechs initiative for Tanzania, we interacted with Ronald Mwanyika, the Founder of Pocket Budgeting. Here is the story of how Pocket Budgeting is helping its customers manage their money by spending rightly and setting priorities.

HiPipo: What is Pocket Budgeting?

Ronald Mwanyika: Pocket budgeting is a platform that allows people to master their money and make better financial choices or decisions. What we do is we allow people to spend their money in the right areas or the areas that matter; giving them the ability to better understand how their money comes and how their money goes.

HiPipo: Why should customers be interested in Pocket Budgeting?

Ronald Mwanyika: One of the major reasons why a person should sign up with Pocket is for the person who needs or wants to better master their money and attain that financial freedom, they should sign up with Pocket because it is a platform that will give them tools to better manage their money and also a platform that will give them the knowledge they need to better make their money grow and make their money worth something.

HiPipo: How does one get started on Pocket Budgeting?

Ronald Mwanyika: First and foremost, you must have the application on your phone. And after creating an account, you will be able to add your income. Now, we call it net worth, because according to us, net worth is the money that you have after you have removed all the expenses. So, you add your income, and there are several envelopes, such as spending, there is to pay. That’s an envelope where the people that you have to pay, you also have an envelope of people that have to pay you. And there is an envelope for investing and savings. There is an envelope for expenses. So, once you have added your income, you distribute that money into the respective envelope so that you can know how much money is left. One thing that we believe in is you have to pay yourself first. So, after you remove all the expenses, that net worth that remains is the money that you have that has no use. So, it is like the money that you have paid yourself from the income you have gained. Once you start budgeting your money, you start to see how much money you don’t have, instead of just seeing that, oh, I have this certain amount of money that you don’t know where the money goes.

One of the things that we have tried to address is trying to teach our customers how to best allocate their money. We help them prioritize and make good choices.

HiPipo: What are some of the challenges you have so far faced in this business?

Ronald Mwanyika: One of the major challenges we have so far is the issue that comes with people trusting what you are trying to do because when it comes to money, most people are sensitive about that subject. When I was researching to see if people would be interested in such a platform, most people were saying they were interested, but when it came to transacting money through the platform, it was an issue for them, it was a very sensitive subject.

HiPipo: What are your views about partnerships for start-ups in regards to start-up growth?

Ronald Mwanyika: Partnerships are something that helps the company to grow because a startup has competitors in the market that already know the terrains and most of the things about how the business goes. So, for a startup, partnerships are one thing that helps it to grow and catch up to with who are already in the market. So, I believe also in pocket, as we are growing into the market, we will be able to see the companies that we can best partner with us to be able to fulfil the goals that we set out to fulfil.

HiPipo: What are your views about 40 Days 40 FinTechs?

Ronald Mwanyika: Platforms such as 40 Days 40 FinTechs help FinTechs to best show what they can do. They also help to show the regulators the potential of FinTechs and what they need to thrive. And in a way that if the regulators can best see the values and know how the FinTechs operate, they can then set regulations and rules that best suit the industry, regulations that are pro-start-ups and facilitate FinTech companies.

Include EveryOne Program.

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.

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.

Introducing Digital Money Movers: A Monthly Insight into Digital Innovation and Financial Inclusion in Africa

We are pleased to announce the launch of Digital Money Movers, a monthly publication dedicated to exploring the dynamic world of digital innovation and financial services. The journal delves into the compelling stories, significant developments, and influential figures shaping FinTech innovation, digital payments, and financial inclusion across Africa.

Digital Money Movers is designed to be more than a mere publication. It aims to comprehensively explore the key contributors, opportunities and challenges within Africa’s FinTech Innovation, Digital Financial Services (DFS), and Financial Inclusion landscape. Its primary objective is to offer an in-depth view of the trailblazers making a lasting impact in these sectors.

Each month, the publication will shed light on the movers and shakers in this space, highlighting their contributions and the enduring influence they bring. At the end of each year, all insights gathered throughout the months will be compiled into an exclusive edition, offering a holistic view of the advancements and trends witnessed over the months.

In the inaugural edition, we focus on Visa and Mastercard, examining their rivalry and presence in Africa through eight key aspects. This exploration marks the beginning of an exciting series under Digital Money Movers, where we aim to uncover every facet of inclusion, ensuring no stone is left unturned.

We invite you to join us on this enlightening journey with Digital Money Movers, where each month brings discoveries and insights, contributing significantly to the discourse on digital financial inclusion in Africa.

Digital Money Movers – January 2024 Edition

Koba is digitizing Savings and Credit Groups. 40 Days 40 FinTechs Tanzania Day 40

Savings and Credit groups are common across Africa. While they have contributed greatly to the development of local communities, their strong reliance on manual and cash-based processes makes them prone to fraud and mismanagement.

But, innovators are now using technology to counter these challenges by developing platforms that digitize these savings and credit groups. One such platform in Tanzania is the Koba APP.

Koba simplifies the management of group finances, enhances communication among group members, and provides a platform for financial empowerment. It’s a versatile tool designed to facilitate collaborative financial activities and promote responsible financial practices within communities.

According to Emmanuel Zakayo, the Founder of Koba, the application eases the work of people in saving groups as they can manage their group finances digitally with every member able to apply for credit and have it approved by the leaders electronically after which it is wired by the treasurer to the borrower’s mobile money number.

“Koba is available on both the Play Store and Apple Store. You just need to download the APP and register with your mobile number. We shall then send you a confirmation code to confirm your membership. You can also create a digital savings group on Koba. You simply go to the settings, select contacts of people you want to be in the savings group, create the group name and save it.” 

Zakayo noted that their biggest challenge is limited funds to scale their services and reach more people.

“We created this APP using our own personal funds. This has limited us as we can’t serve as many people as we could want because this would require more investment. We are sure that our platform is required by many groups but we cannot reach them. Hopefully, with our participation in this year’s 40 Days 40 FinTechs initiative, we shall be able to reach more people, get more customers and attract partners and investors.”

Include EveryOne Program.

We interacted with Koba on Day 40 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.

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.

Mikopo Nafuu is connecting customers to legitimate lenders. 40 Days 40 FinTechs Tanzania Day 39

Now and then, people have emergencies and thus seek credit services. Ideally, loans should be affordable with reasonable payment terms.

But in the real market environment, most loans are very expensive; the interests are exorbitant, and the terms unrealistic. Money Lenders, mainly loan sharks exploit borrowers who usually don’t have any alternative.

To address these challenges, BlueTick Technologies developed Mikopo Nafuu; a digital platform aimed at democratizing loans through equipping borrowers with all the necessary information about credit service providers so that they can make informed choices. 

On Day 39 of the 40 Days 40 FinTechs initiative for Tanzania, we caught up with Nicholaus Ngolongolo, the Co-founder of BlueTick Technologies.

Here is the Mikopo Nafuu story as told by Nicholaus Ngolongolo.

HiPipo: What is your Financial Inclusion solution?

Nicholaus Ngolongolo: As BlueTick Technologies, we came up with a solution called Mikopo Nafuu which is a platform that regulates loan provision and gives leads to financial institutions. We have noticed that customers struggle when it comes to selecting the best financial product. When I say financial products I mean loans, credit, savings and some of insurances. They struggle to find the best products to use from what is on the market.

And sometimes they choose a product just based on what is available or because they have been referred by their friends and partners. Some of the credit products have a lot of hidden fees and high interest. Some are not even well-regulated.

When the loan officers visit them, they just accept these harsh conditions. For example, a loan officer will say we shall give you a loan of 500K but you will be 100K in interest, which is very high. So, borrowers end up paying a lot of charges and interest. These very expensive and unfair loans are very common in Tanzania.

It is from this background that we have come up with a solution which will help in regulating these lenders. We are chasing our license from the Bank of Tanzania (BOT) after which we shall register all financial providers on our platform and then assign each with a special code which every customer can refer to and check eligibility.

HiPipo: What market problem are you solving?

Nicholaus Ngolongolo: The problem that we are trying to solve is first transparency. Because customers are never given all the information they need before taking these loan products. We want to change this by ensuring that the customer gets all the required information before taking the loan. We are connecting multiple service providers so we give you all the available options and the benefits that each comes with. We give you a comparison from which you can choose what is suitable for you.

HiPipo: How does Mikopo Nafuu work?

Nicholaus Ngolongolo: We have built our platform based on two interfaces. A web application from which you can find all the services we offer. For example, we help you calculate everything about your loan; credit score, including loan fees, interest, repayment period, repayment amount and everything to expect. With this information, you can then apply and get a loan from several financial institutions. The second interface is a WhatsApp web chatbot. So, we built a boat which can interact with you and give you the same information as our website platform. You initiate the conversation with our webchat and from there, you will chat with our platform and it give you all the information regarding the loan you wish to get.

HiPipo: What is the state of FinTech Regulation in Tanzania?

Nicholaus Ngolongolo: FinTech regulations are there but I think some aspects have been missed. This has then created room for people to mistreat customers because they know they are ignorant about fees, interest and their rights.  So, the regulation is there, but there are some missing parts. We as FinTechs believe we should partner with the regulators to ensure that all products are regulated and the regulation protects both the customers and innovators.

HiPipo: How does the 40 Days 40 FinTechs initiative support your cause?

Nicholaus Ngolongolo: After these kinds of stories get out there, people start to that FinTechs are solving real problems. They see the role that innovators are playing and what needs to improve. 40 Days 40 FinTechs is a huge platform and I am quite sure that these engagements and episodes that are broadcasted will reach different stakeholders. We are not only building for Africa and thus this initiative helps us reach the wider African market. We also get to know the kind of products and solutions we are competing with.

Include EveryOne Program.

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.

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.

Payd is simplifying Payments and Record Keeping for Freelancers. 40 Days 40 FinTechs Tanzania Day 38

Japheth and Benaiah, both seasoned freelancers, had firsthand experience with the challenges of managing payments and records. Even though they would execute their work professionally and diligently, their payments and record-keeping were a mess. 

‘Frustrated by the limitations of existing payment solutions, they set out on a mission to create something truly remarkable.’ They created Payd; a digitized platform aimed at addressing specific payment needs of freelancers, creatives, small businesses and entrepreneurs.

On Day 38 of the 40 Days 40 FinTechs initiative for Tanzania, we had a detailed chat with Japheth Achimba, the Director of Chaos at Payd.

We now bring you the Payd story as told by Japheth Achimba.

HiPipo: For those hearing it for the first time, what is Payd? Why should the market be interested?

Japheth Achimba:  Paid is a financial management platform for freelancers and creatives across Africa. We enable them to receive their funds and manage them. This works by providing them with a platform where they can create custom no-code payment pages, and automate invoices and receipts, and they are also provided with AI-powered analytics on how to manage their finances. They can also generate payment links and QR codes.

HiPipo: How does Payd work?

Japheth Achimba: Payd users enjoy all that the platform offers through very simple steps. When one comes on the platform, s/he is prompted to create a Payd wallet. After creating this Payd wallet, you are given a unique username. With the unique username, you will be provided a payment link and now you will find all the other features available on the wallet.

HiPipo: What market problem does Payd solve?

Japheth Achimba: We are solving the problem of freelancers finding it hard to manage their finances by making it easier for them to know how much they have earned and fully account for that money. At Payd, we usually say that we are trying to make the money that Freelancers earn work for them.  So, through that process of providing them with data and advising them on what they earned or made, we are making it easy for them to manage their finances.

 Available statistics show that there are over 86 million Freelancers across Africa. So, if we can empower a huge number of those guys to be able to know how to manage their finances and how to spend it, it will have a great impact on them and the entire continent. You can imagine if we are able now to enable them, to get paid and receive their money instantly, it will be of great impact to them. The worry of delayed or no payments will not be there.

I don’t want to go into mentioning names, but most of the platforms available for Freelancers are chaotic and that is what we came to solve.

HiPipo: How has the market received you? Any challenges?  

Japheth Achimba:  With the rollout of our first version, which is now three months old, we have received good traction. We already have 1464 active users from our waitlist of freelancers we had. So, I can say so far so good. The adoption is kind of easy maybe where I can see challenges is around regulation. We are already in Kenya and Tanzania but aim to expand to more markets.

HiPipo: Your views about 40 Days 40 FinTechs.   

Japheth Achimba:  The 40 Days 40 FinTechs platform is an enabler for the innovators because it gives innovators exposure and a chance to shine through sharing their work. It also brings technology stakeholders together to discuss matters affecting the industry and learn from one another. This platform gives us insights to grow.

Include EveryOne Program.

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.

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.

Kiasi APP is enabling Digital Savings for Low-Income Earners. 40 Days 40 FinTechs Tanzania Day 37

Piggy Banks are lately used to cultivate a saving culture among children. The same, when well managed can motivate even adults to save and later enjoy the benefits of their savings.

Technology has made this even easier with new smart ways of saving and investing. In Tanzania, the Kiasi APP was launched to enable targeted periodic savings.

Kiasi APP is a digital platform established to empower Tanzanians to achieve their financial goals by saving gradually. It is a piggy bank of sorts that enables its users to electronically save small amounts until they achieve their target.

On Day 37 of the 40 Days 40 FinTechs initiative for Tanzania, we interacted with Emans Kiula, the Co-Founder & CEO of the Kiasi APP.

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.

Here is the Kiasi APP story as told by Emans Kiula.

HiPipo: What is Kiasi? Why should people be interested in it?

Emans Kiula:  Kiasi is a digital piggy bank that enables its users to accomplish their financial goals by depositing in small sums. We also provide financial knowledge and literacy inside the APP, but our major point is to have Africans being financially stable by using Kiasi.

Currently, you can get Kiasi through the Google Play Store, but we are looking forward to launching it on the web browsers and the IOS platform as well.

HiPipo: How does the Kiasi APP work?

Emans Kiula: So, in Kiasi, a user simply creates a goal that is time-lined with the required amount and the purpose of the saving. So, with that timeframe and how frequently the user wants to deposit, let us say daily, monthly or weekly; the platform takes them through the process of depositing that particular sum. If it’s daily, then it will remind them daily to deposit. It also reminds them of the amount they are expected to be depositing daily. In the end, these daily deposits will sum up into the total sums as originally stated in their goal. You have to press deposit now and then and the money will be deducted from your mobile phone by the Mobile Money Operators we are working with, but of course with your permission.

HiPipo: Are your users restricted on what they can do with their savings?

Emans Kiula: We are looking forward to having our users use their savings for the goals they originally stated. If you saved for rent or paying water bills, you should use your savings for that. We do not want to send the money back to you as this won’t solve the problem of you spending the money on something else. We are looking to the future whereby if you are saving for paying your water or electricity bills, you only input the payment number. And when your goal has been accomplished, we transfer the money and send you the tokens. If it’s electric bills or if it’s water bills, you save, we make the payment for you and just send you the receipt number that your bill has been paid already.

HiPipo: What are your views about FinTech regulation in Tanzania?

Emans Kiula: The regulators, as it stands right now are on point since you cannot allow everyone with an idea to have such systems. So, you have to grow, you have to have a certain amount of money. You have to have a number of people and institutions backing you for you to be where other institutions are. The platforms that people use to pay their bills such as Airtel money, banks and mobile network operators are all regulated. So, for you to play in the same space, it means that you must be equally as regulated as them for fair competition to prevail.

Include EveryOne Program.

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.

Thamani is transforming Motor Vehicles’ Valuation, Resale and Insurance. 40 Days 40 FinTechs Tanzania Day 36

On Day 36 of the 40 Days 40 FinTechs initiative for Tanzania, we interacted with Helen Lukundo Chonjo, the Founder and Team Lead at Macho Technologies Limited.

Macho Technologies Limited is through its flagship solution, Thamani, using technology to digitize the valuation, insurance and resale of motor vehicles.

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.

Here is the Thamani story as told by Helen Lukundo Chonjo.

HiPipo: Please introduce yourself and your transformative solution.

Helen Lukundo:  My name is Helen Lukundo Chonjo, and I am the founder and visionary at Macho Technologies Limited, which is the company that founded the Thamani platform.

So, Thamani is a platform that is here to bridge the gap between those who take up insurance and the protection that they have towards their motor vehicles. What Thamani has done is that we have digitized and automated the motor valuation or appraisal service. What would otherwise take three days to a week is now available immediately anywhere, anytime. You can access your motor valuation through your laptop anywhere and at a reduced cost of over 99 per cent.

HiPipo: How does Thamani work and what markets does it serve?

Helen Lukundo:  Thamani is currently available only in Tanzania at the moment. So, you take your motor registration cards or your logbook, and you will get details from the logbook, which you will now select and match with the details that you find on our website. The website is www.thamani.co.tz  So, when you go there, you’ll either pick your Toyota, your Land Cruiser, etc and then the year it was manufactured. There will be some pre-populated information that you will select, and after that, you will be required to pay for the service after which you will be able to see the value of your vehicle. If you have any additional cosmetics on your vehicle, you have enhanced it and you think this is substantial, you can add those details there, and it will automatically add that value to the value of your vehicle. After that, you can download your report and use it as you please.

HiPipo: How does this Valuation help the Car Owners?

Helen Lukundo:  The first and initial use of this valuation report is for insurance purposes. Then you can also use it if you are buying and selling a vehicle, and when you are negotiating something to do with your vehicle.

HiPipo: How is this solution important? How different is it from what is already on the market?

Helen Lukundo: So, we noticed that out of ten people who are insuring their vehicles, seven are not providing the right value for their vehicles. This leads to penalties when they get a claim thus leading to more financial losses. So, with Thamani, we are making it affordable for motor vehicle owners. As I said, we have cut down the valuation cost from what would be like 70 dollars to one dollar thus making it accessible to everyone. Now, there is no reason why you won’t value your vehicle. You can do it anywhere, and your vehicle will be financially secure. When you get a loss, then you know that you will be paid in full.

HiPipo: How fast is Insurance catching up with Technology?

Helen Lukundo:  Insurance is not the best sector when it comes to adapting technology. I think we have been left behind, and compared to other financial technology users like banks, Insurance is still very rigid currently. So as much as most of the insurance companies have found value in our service, they are still taking their time in trying to use it in bulk. So, moving from the early adapter stage to now growth stage has been a bit of a challenge. Even though, we have had some good acceptance, taking action towards total acceptance has been by far our biggest challenge.

Include EveryOne Program.

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.

40 Days 40 FinTechs Report Unveils Groundbreaking Innovation and Inclusivity in Africa’s FinTech Landscape

We are delighted to announce the release of the 40 Days 40 FinTechs Report 2023, a comprehensive celebration of innovation, inclusivity, and impact in the ever-evolving FinTech space. This annual program, organized by HiPipo in collaboration with the Bill and Melinda Gates Foundation, showcases the transformative potential of digital finance in Africa.

Key Highlights:

  1. 42 FinTechs Leading the Charge: This year, 42 FinTechs participated, introducing groundbreaking solutions tailored to regional needs. These initiatives reflect cutting-edge innovation and the potential for sustainable, scalable financial solutions that address real challenges faced by communities.
  2. Inclusivity as a Core Focus: The 2023 edition witnessed a significant surge in women-led FinTechs, marking a notable shift towards gender equality. Initiatives empowering unbanked women through mobile money accounts are making substantial strides in bridging gender gaps in financial access.
  3. Emphasis on Robust Financial Ecosystems: Participants have highlighted the potential for robust and secure financial ecosystems, underlining their importance in ensuring the resilience and growth of the FinTech sector. Discussions around cybersecurity, regulatory compliance, and interoperability have been central to the program.
  4. Unprecedented Visibility and Mentorship: The 40 Days 40 FinTechs program provided participating FinTechs with unprecedented visibility and mentorship opportunities. This support significantly enhanced their operational capabilities, aiding in scaling and market penetration.
  5. Collaboration and Knowledge Exchange: Collaboration and knowledge exchange have been at the heart of this initiative, fostering a rich environment of shared growth and innovation among FinTechs. This collaborative spirit further strengthens the foundation of the FinTech sector.

We extend our deepest gratitude to the HiPipo team for their dedication and hard work in making this program a success. Our appreciation also goes to our generous sponsors, the Bill and Melinda Gates Foundation, for their persistent support and belief in every idea presented.

The success stories of these 42 FinTechs stand as a powerful testament to the transformative impact of digital finance on lives, communities, and economies across the continent. We invite you to explore the 40 Days 40 FinTechs Report 2023 and share it far and wide. Together, we are shaping the future of finance in Africa!

FinTech Start-ups have a chance to shine. 40 Days 40 FinTechs Tanzania Day 35

On Day 35 of the 40 Days 40 FinTechs initiative for Tanzania, we caught up with Nice Msangi; the director of partnerships at IDC Tanzania and overseer of Founders Academy. Both IDC and Founders Academy are at the centre of start-ups and innovators’ empowerment in Tanzania. Importantly, Nice Msangi is the 40 Days 40 FinTechs Coordinator 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.

In this episode, Ms Msangi shares her experience with the 40 Days 40 FinTechs initiative and views on Tanzania’s FinTech industry and the broader technology ecosystem.

HiPipo: Please give a brief about yourself.

Nice Msangi: My name is Nice Msangi. I am the director of partnership and strategy at IDC. IDC is an impact-driven consultancy and its main work is to develop sustainable and inclusive digital solutions. I am also an overseer of Founders Academy which supports and empowers African startups. Founders Academy exists to support and empower African startups, providing them with the resources they need to succeed.

HiPipo: What role are you playing in the 40 Days 40 FinTechs initiative?

Nice Msangi: I am currently the coordinator and supervisor of 40 Days 40 FinTech Tanzania; an initiative that sheds light on the prime stories of innovations and innovators within the FinTech space.

HiPipo: How relevant is the 40 Days 40 FinTechs initiative to Tanzania?

Nice Msangi: The importance of initiatives like 40 Days 40 FinTechs is that startups get to showcase their innovations; and tell their stories, so it’s easy for them to be seen. It is easy for them to understand the ecosystem that they are working in. It is also easy for them to network and build more partnerships, for them to grow even more.

Such initiatives also create space where regulators can easily hear out start-ups, and understand the environments that they are working with so that they can create policies that favour, and somewhat facilitate them.

HiPipo: What has been your experience with the 40 Days 40 FinTechs initiative so far?

Nice Msangi: My experience with working on the 40 Days 40 FinTechs initiative is an exciting journey. I have got to see how big the FinTech ecosystem is. I got to understand the available innovations. I got to see how the innovations touch the lives of low-income earners and underserved people. I got to also understand the opportunities that are still available in our market. So, I am excited to see what the future holds for the FinTech space given the available opportunities and the solutions that are available in our market.

HiPipo: What are your takeaways from 40 Days 40 FinTechs Tanzania Season One?

Nice Msangi: I am happy that we managed to cover a number of FinTech companies and startups. So, this makes it easy for people outside to see how rich the ecosystem in Tanzania is; the number of solutions that are available in our country and what market problems they solve. Even for those who are interested in investing in Tanzania, it is easy for them to see the opportunities available. So, I look forward to seeing more initiatives that cover the other sectors too; be it FinTech or Healthtech or Agritech or any other sector. This will market our country as more people will see how much there is in Tanzania.  To all investors interested to invest in Tanzania, 40 Days 40 FinTechs is the space for them to see and know better about Tanzanian Technology stories.

Include EveryOne Program.

40 Days 40 FinTechs initiative 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.