Include Everyone – Page 12 – HiPipo Foundation

January 18, 2024

Founders Academy is empowering African start-ups. 40 Days 40 FinTechs Tanzania Day 32

Even though Africa has very many young and talented innovators, most of their start-ups suffer from failure to break even, are bogged down by poor business governance issues and eventually succumb to early exits from the market.

Among the major factors that contribute to these early exits is a lack of proper business mentorship, which is essential at every stage. In fact, in the fast-paced and competitive world of business, mentors act as key catalysts for start-ups’ growth.

In Tanzania, Impact Driven Consulting (IDC) is through its Founders’ Academy initiative advocating for the development of sustainable and inclusive start-ups and digital solutions.

According to Angel Adam Kobelo, the managing director of IDC, Founders Academy exists to support and empower African startups, providing them with the resources they need to succeed.

“At Founders Academy, we have four key focus areas. One is network building. We understand the importance of partnerships for businesses to succeed; especially the ones in the digital business. We also have one for Investor readiness because we understand the importance of products being ready to take in funds to scale. We also do capacity building because there is a significant lack of skills required for the success of start-ups. The fourth one is fundraising. Most start-ups lack the capital to implement their solutions. So, we help them unlock funds that will help their start-ups to become more scalable and reach wider markets,” Angel Adam Kobelo explained.

She noted that Tanzania’s innovations and technology landscape are very promising with policymakers starting to notice the potential impact these solutions can have on the economy.

“The Central Bank just recently launched a sandbox. To us, this is a big step because at least they now recognize that there is a need for such a thing and they are moving towards that direction. We may not be where we want to be yet but there is hope from the fact that they are listening and considering what we are requesting for,” Angel Adam Kobelo said.

She added: “Regarding the regulatory environment in Tanzania, especially with FinTechs and similar digital solutions, there are two issues. One, there is an information gap between the innovators and regulators. The regulators don’t understand what the innovators are trying to do. But also, some of the innovators don’t know in detail the compliance and regulatory requirements they need to fulfil. In case they know, it is either too expensive or takes a long time. The second issue is the pace at which these two are moving. The regulators usually take a long time yet start-ups in the digital space need a fast-paced decision-making process because they have to keep up with global technology changes.”

We interacted with Founders Academy on Day 32 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.

“The importance of initiatives like 40 Days 40 FinTechs is that they give visibility to innovators which pushes the ecosystem players to work hard and create more solutions. This initiative allows for start-ups especially in FinTech to tell their stories in a way that showcases the actual impact they have within the community. For example, FinTechs in Tanzania are changing the Banking Industry and also revolutionizing Insurance. This initiative is shining a spotlight on such stories,” Angel Adam Kobelo said.

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.

January 17, 2024

Simplify is revolutionizing Tax Compliance. 40 Days 40 FinTechs Tanzania Day 31

Tax compliance is key to economic transformation globally as the revenues collected are then used to finance service delivery and infrastructure development.

But sometimes, individuals and organizations alike fail to comply due to a cocktail of issues such as the absence of proper tools to support collections and ignorance.

To cure these ills, the government of Tanzania through the Tanzania Revenue Authority (TRA) has since introduced an online portal for filing tax returns and paying electronically.

The private sector is also playing its part. One of the solutions supporting Tax Compliance in Tanzania is Simplify by Simplitech Limited.

According to Caroline Clement, the Clients’ Engagement and Marketing Lead for Simplitech Limited, Simplify is an online invoicing software integrated into Tanzania Revenue Authority (TRA) Financial Data Management Systems that enables its users to issue receipts using their smartphones or any electronic devices with internet access. Its core service proposition includes Simplify VFD (Virtual Fiscal Device), Simplify USSD and Simplify API.

Simplify VFD (Virtual Fiscal Device) is a software solution integrated with TRA’s data management system, enabling users to generate virtual EFD receipts with ease while Simplify USSD is a short code service enabling EFD receipt generation without internet access for Vodacom, Tigo, and Airtel users. On the other hand, Simplify API offers a comprehensive and accessible solution for seamless integration between applications and third-party accounting systems or inventory management systems.

Caroline Clement further noted that the Virtual Fiscal Device (VFD) eases the burden and reduces compliance stress by digitizing the issuance of Electronic Fiscal Device (EFD) receipts by allowing taxpayers to log in, create, and issue EFD receipts anytime and anywhere without the need for hardware.

Even though the uptake of Simplify is very encouraging with hundreds of users, Clement highlighted low trust and limited capital and funding as the key challenges they face.

We interacted with Simplify on Day 31 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.

“Platforms like 40 Days 40 FinTechs are very helpful. They offer multiple networking, exposure and awareness opportunities for start-ups and innovators. Not all FinTech start-ups and innovators can reach the world as this platform does. This platform gives players good visibility as people get to see what you are doing, what problem you are addressing and how you are addressing it. This then opens up opportunities for collaborations locally and globally,” Clement explained.

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.

January 16, 2024

Kariakoo Africa; eCommerce platform for Dar es Salaam’s largest market. 40 Days 40 FinTechs Tanzania Day 30

Kariakoo is Dar es Salaam’s largest and most vibrant market; filled with energy and a rich cultural experience. The market attracts hundreds of sellers and buyers every day who complete multiple transactions.

Being an African market, Kariakoo’s preferred mode of transaction has always been cash. But this is fast changing.

A few years ago, a group of innovators led by Abdulkarim Heddi chose to digitize the Kariakoo market. To do so, they formed Kariakoo Africa; an e-commerce platform for the Kariakoo marketplace.

“We digitize the local vendors around the Kariakoo area but also support local producers who are starting in business. We help them reach the online market and explore wider geographic areas. Kariakoo is a platform for buying and selling. We give both the sellers and buyers convenience and security. We save buyers time and money. Most people are sceptical about buying products online but with a verified platform that they know, it is easy for them to be confident,” Abdulkarim Heddi, Founder and Project Lead of Kariakoo Africa said.

He added: “We have concentrated our efforts on having all transactions done electronically. We discourage cash transactions. All products bought on Kariakoo are paid for by Bank Cards or Mobile Wallets. Buyers shop online and deposit the money into the Kariakoo account after which we process their orders and have them delivered. We then transfer this money to the vendors’ Banks or Mobile Money accounts. We have agreements of paying all the vendors within 48 hours.”

Even though Kariakoo Africa was developed to predominantly digitize the Kariakoo market, it also serves vendors and buyers outside Kariakoo.

Kariakoo Africa interacted with the HiPipo Team on Day 30 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.

“I am glad that such an opportunity has presented itself. 40 Days 40 FinTechs creates a better environment with people getting to know what is happening in the market. An opportunity like this helps with awareness, products’ marketing and improvement. This is a credible initiative so when it airs something out, it is something that even policymakers will listen to and work on making the industry better,” Abdulkarim Heddi said.

January 15, 2024

DPO Pay is enabling Online and Offline Payments. 40 Days 40 FinTechs Tanzania Day 29

Minus channelling a lot of resources towards product development, companies also spend quite a lot on marketing and sales. But then after doing all of this, many companies struggle to collect payments due to either the absence of effective payment tools or ignorance about the seamless payment tools available on the market.

This is where DPO Pay comes in handy. DPO Pay has over the years established itself as a preferred payment solution for major merchants across Africa. It integrates with the most popular payment methods across Africa, allowing customers to choose from credit and debit cards, and mobile money among others.

Janeth Kwilasa, the Country Manager of DPO Pay Tanzania noted that DPO Pay is a financial technology solution that helps businesses to receive payments online and offline from anywhere in the world, anytime.

“We offer Small and Medium Enterprises (SMEs) and big multinationals from across Africa a solution and technology that enables them to receive online and offline payments wherever they want. Our robust payment engine supports global currencies and various payment methods. We are trusted by over 60,000 businesses across Africa with a presence in 21 countries. We are Africa’s as well as the Middle East’s favourite way of accepting payments online. The businesses we support can collect various methods of payment including Cards and Mobile Money in all the countries we operate in,” Janeth Kwilasa said.

She added: “Currently in Tanzania, we are integrated with all the six mobile money operators. This enables us to support the local Tanzanian businesses.”

Kwilasa noted that their presence in multiple countries means a need to be compliant with different regulations.

“In Tanzania, we are regulated by the Central Bank of Tanzania and Tanzania Communications Regulatory Authority. We are also locally registered with the different entities as established by the Tanzanian government.”

She noted that low uptake of technology, limited internet penetration and low usage of smartphones are some of the main challenges that DPO Pay is facing in Tanzania.

We interacted with DPO Pay on Day 29 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 important that projects such as 40 Days 40 FinTechs are done as they provide more information about the available technology, existing companies, their services, competence and the opportunities available. This helps close the knowledge gap and builds trust for local FinTechs,” Kwilasa said.

January 14, 2024

EMakato is simplifying Payments’ Collection. 40 Days 40 FinTechs Tanzania Day 28

One of the key challenges faced by credit-offering institutions is payments’ collection. Many customers fail to pay promptly because they don’t have the funds while others may have the funds but are simply unwilling to comply. This is further worsened by the hard economic times currently witnessed globally.

However, innovators are using technology to address some of these issues. One of the tools being used in Tanzania to support payments’ collections is eMakato; a platform that allows service providers and financial institutions to automate their payment collection processes; interfacing with their customers to promote a unified procedure and digitally enhance customer experience.

This platform helps service providers to digitize the entire process of payment collections; from creating mandates, alerts, monitors and thus collecting payments seamlessly. It further reduces the cost of collection, minimizes errors, and improves security and accuracy by eliminating manual collection processes.

Nicholaus Ngolongolo, the Co-Founder and CTO of Solo Codes Africa, noted that the broken trust among creditors and borrowers inspired them to develop eMakato.

“The collection methods that existed before were ineffective, so we developed eMakato. To sign up on our platform, for every company, because we serve the company not individuals, they visit our website and contact us. Once the company contacts us, we share the minimum requirements required to complete the sign-up process. The minimum requirement we need from companies to subscribe to our platform is a proper KYC – company name and all registration documents,” Ngolongolo said.

He added: “After submitting this information, we create your account and your staff can now access our services. The company staff now have a mandate to set a debit instruction for each customer. Through our platform, once the creditor inputs the borrower’s information, a debit instruction is set which cannot be removed by the borrower.”

Several financial institutions are already using eMakato in Tanzania. These include CRDB Bank, NMB Bank, TIGO and others.

Ngolongolo noted that the main challenges they are facing include prolonged discussions and delayed sign-up closure, shortage of funds for massive product roll-out and low technology adoption.

We interacted with eMakato on Day 28 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.

“We are excited to be part of this year’s 40 Days 40 FinTechs initiative. This project is doing a great job for start-ups. We want to expand nationwide and also grow to different markets. We are sure that 40 Days 40 FinTechs will support this by creating more awareness about our solution across Africa,” Ngolongolo noted.

January 13, 2024

Zudua is using E-commerce to deliver convenience to customers. 40 Days 40 FinTechs Tanzania Day 27

Even though eCommerce platforms have been around for decades, they were not very popular in Africa until 2020, when the unfortunate COVID-19 pandemic happened.

The COVID-19 pandemic brought e-commerce platforms to the forefront as the world searched for safe and convenient ways of shopping.

Since then, eCommerce has been a fast-growing business around globally. E-commerce has since grown to a USD 26.7 trillion business and contributes 30 per cent of GDP globally. In Tanzania, one of the fastest-growing eCommerce platforms is Zudua.

According to Fatema Hussein Dewji, the Zudua Head of Marketing, the platform functions like a normal marketplace; enabling the buying and selling of products throughout Tanzania.

“We have various stores such as mobile, home, schools, fashion and special occasions. We have everything that you would require in your day-to-day life. We also have Zudua services that allow our customers to purchase things like vouchers and tickets. We are giving a platform to sellers to be able to reach a bigger market while also helping buyers find their favourite items without moving from one store to another. Everything is in one place,” Fatema Hussein Dewji said.

She added: “When you log in, you simply select your products, add them to the cart and their total cost will be indicated. You can then proceed with making your payment either through Bank Cards, Mobile Money or Cash on Delivery. Obviously, in Dar es Salaam, you will have an option of cash on delivery but outside Dar es Salaam, the option for cash is not there. Once you pay, you get a digital receipt and we also get a confirmation that payment has been made. We then proceed with the delivery. Buyers can find out where their products are through the tracking codes we share with them.”

Fatema noted that while eCommerce is picking up in Tanzania, they still face challenges of limited trust from customers and unclear location information.

“Customers appreciate going to physical stores to see the actual goods they are buying and if they are worth the money they are spending. The other challenge is that customers usually don’t put the right physical addresses; so, to get to them, the delivery team has to call multiple times.”

Zudua interacted with HiPipo on Day 27 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.

January 12, 2024

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.

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.”

January 11, 2024

Mipango APP is spearheading Financial Literacy for Youth and Women. 40 Days 40 FinTechs Tanzania Day 25

It is not unusual that you will have TZS 100,000 in the morning and by evening you will have spent it all. This is so because while making more is hard, managing this money after earning is even much harder.

But that is where technology comes in handy. Innovators have developed several tools to spearhead prudent financial management, and financial literacy and eventually enhance financial inclusion efforts. One of the tools cultivating the financial literacy culture in Tanzania is Mipango FinTech.

Mipango FinTech, also known as Mipango App is an AI-enabled Personal Finance App for the African Market. It enables users to track their income and expenses, set financial goals and get personalized financial advice and investment opportunities.

“We enable our customers to be able to manage their finances in terms of being able to track their budgets, and their goals as well as get personalized financial advice. The application is available on both Android and IOS platforms. We have chosen the segment of personal finance because we believe that for someone to attain financial literacy, they must be able to manage their finances,” Agness Mollel, the Co-Founder and COO of Mipango FinTech said, adding:

“From an African perspective, managing personal finance is something you get to learn probably once you are at work. We believe that if we try to change people’s behaviours of managing finance from the early age of eighteen, we would be able to drive behaviour change in terms of saving and investments and attain financial literacy and inclusion at the end of that. Our target audience is the Youth and Women”

Mollel noted that they are diversifying the Mipango platform to also offer loans and payment services to customers.

“We are building a feature which will enable our customers to be able to access loans within the platform through their credit score as well as enable them to be able to spend through the application. We are creating an e-wallet feature to support this,” she said.

The HiPipo Team interacted with Mipango FinTech on Day 25 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.

January 10, 2024

Laina is using FinTech to grow Customers’ Purchasing Power. 40 Days 40 FinTechs Tanzania Day 24

Customers are always looking out for new gadgets and the latest devices so that to keep up with the fast-moving world.

While the demand for new gadgets, devices and accessories is never-ending, the prices are always a turn-off. These products are not only expensive but most of the stores require customers to make full payments for any purchase.

Nonetheless, technology is addressing some of these challenges. Thanks to financial technology, customers are now able to get access to their favourite products on credit, commit to periodic instalment payments and fully own the products when the entire payment is down.

Among the pioneers of this buy now and pay later business model in Tanzania is Laina Finance; an integrated non-deposit-taking micro-finance service provider that extends payment plans for the purchases of goods and services by allowing customers to pay over a period of three to nine months. It offers micro-finance payment plans for electronic devices (smartphones and other home gadgets) and insurance policies. The platform offers flexible payment options that let customers buy what they want when they want it.

Founded in 2018, Laina Finance seeks to empower consumers with convenient and affordable payment solutions that help them manage their finances and achieve their goals.

“We are specializing in embedding micro credit to enable customers to buy goods or pay for services while paying in instalments. Since 2019, we have been in collaboration with Vodacom Tanzania, other mobile operators, banks and insurance companies. Our service is credit embedded in any transaction,” Tonny Missokia, the Co-founder and Director of Laina Finance noted, adding;

“For example, if a customer wants to buy a mobile phone, they simply walk into a Vodacom shop or any other partner shops that we have. The customer will give his/her information which will be sent to our system. The customer is prompted to give consent. Once they give their consent, we analyze the data and generate a payment plan for that customer. Once they accept the payment plan, they make an initial deposit to us and we pay instantly the full amount to the shop. The customer will get the mobile phone and then pay us in instalments. You can access our service by either going to one of our partner shops or through USSD or downloading our mobile APP available on both Android and IOS.”

Missokia noted that their service is a win-win for all stakeholders as it addresses the issues of affordability, and increases customers’ purchasing power while growing revenues for shops.

Even so, he noted that the main challenges they face include the fact that this line of business is very capital intensive thus requiring multiple funding options, delayed decision-making by potential funding partners and low attraction of investors in the Tanzania Fintech space.

Laina Finance features on Day 24 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.

“We seriously underestimate the power of visibility of our brands. Most of the FinTechs and generally start-ups focus on building solutions and pitching them but when they go to some boardrooms, people tell them that they have never heard of their companies and solutions. This is what 40 Days 40 FinTechs is addressing,” Missokia said.

January 9, 2024

Bima Ya Buku is using FinTech to democratize Insurance for Boda Boda Riders. 40 Days 40 FinTechs Tanzania Day 23

Public road transport is a common and pocket-friendly type of transport across East Africa. It is either you use a bus, coaster, taxi, cab or get a motorbike.

Motorbikes have over the years been transformed into different types and given different names. Depending on the East African country you reside in, you will hear names such as Boda Bodas, Tuk Tuks and Bajaj.

In Tanzania, the most popular are Boda Boda – a two-wheeled motorbike or Bajaj – two or three-wheeled Rickshaws. These employ hundreds of people and transport thousands of passengers every day.

Even though so popular, Boda Bodas and Bajajs as known in Tanzania come with dangers such as many accidents, theft, unskilled personnel, absent mechanical maintenance and health issues caused by poor hygiene. This is worsened by the fact that the market has over the years lacked well-tailored products targeting this sector; for example, most of the health and insurance products on the market are very expensive for the Boda Boda sector.

But this is fast changing. In 2023, CRDB Bank launched motorcycle taxi insurance, targeting the Boda Boda and Bajaj riders.

Implemented in partnership with Laina Finance, Bima Ya Buku is a revolutionary Insurance scheme targeting the motorbike business. The scheme is payable in instalments of TZS 1,000/- a day for three months after which the rider enjoys motor and health insurance.

“Towards the end of September, we launched a new Insurance proposition in partnership with Laina Finance. The product goes by the name Bima Ya Buku which speaks directly to its pricing. Buku means TZS 1,000 which is less than a dollar. Through Bima Ya Buku, riders get insurance for their motorcycles, medical insurance, life insurance and condolences. It is a package of four but also includes liability insurance for the third party that utilizes these Bajaj and Boda Boda services,” Moureen Majaliwa, the Head of Bancassurance at CRDB Bank.

“The payment for this product is set on a daily but users have room to pay weekly, ten days or quarterly. This is a first-of-its-kind value proposition that considers all market realities. The product is 100 per cent accessible digitally through our USSD. It takes you less than 20 seconds to own an insurance which protects not only your assets but also your health.”

Majaliwa noted that while the product has received a great reception with hundreds of riders enrolling, it is not without challenges.

“The biggest challenge we are facing is limited awareness among our target audience. But as a bank, we have invested a lot in terms of media, influencers, and social media messaging to address this.

We interacted with Bima Ya Buku by CRDB Bank on Day 23 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.

Majaliwa noted that the 40 Days 40 FinTechs is helping tackle the issue of silos that has undermined the industry for ages.

“There have been very few partnerships, collaborations and engagements which allowed different platforms to share data. But with 40 Days 40 FinTechs activities, we now know that we are focusing on a similar financial inclusion goal. As such, every other person is looking at how we can work together to deliver impact.”