Include Everyone – Page 2 – HiPipo Foundation

January 22, 2024

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.

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 22, 2024

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:

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.
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.
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.
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.
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!

January 21, 2024

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.

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.

January 20, 2024

DCB Bank is digitizing Village and Community Banking Groups. 40 Days 40 FinTechs Tanzania Day 34

Savings and credit services are spread across the world. Away from the formal banking systems, most people across Africa come together under small village, community and work associations and start banking groups. They then save on a daily, bi-weekly, weekly, after a fortnight or monthly. They meet periodically, usually every week to review the progress their group is making, evaluate their financial health and also process credit requests.

Dominated by women, youth and informal traders; these community-based Banking groups always face one major challenge; reliance on manual systems that are prone to misuse and endless abuse. Among other ills, manual financial management systems are also time-wasting and costly.

To change this, players are pulling these community savings and credit groups towards embracing digital financial services that allow for systematic, electronic and seamless financial management.

In Tanzania, DCB Bank is spearheading the digitization of Village and Community Banking (VICOBA) groups through its DCB Digital VICOBA proposition.

According to Brown Kessy, the DCB Bank, Digital and Innovation Manager, DCB Digital VICOBA is using technology to transform village and community banking. The platform allows VICOBA groups’ members to access banking services digitally via USSD and a smart mobile APP available on both Android and IOS.

“The genesis of this application is that we had thousands of VICOBA accounts sitting at DCB Bank and spread across several remote areas where they can not access banking services. While they were able to deposit through our bank agents, they were not able to withdraw because these VICOBA accounts have multiple signatories that approve the funds. So, if a member requested for an emergency loan, all the signatories had to travel to a branch to withdraw this money and give it to the member. In case it happened that some of the signatories had travelled and were not available, then the VICOBA member could not get that emergency loan on time,” Brown Kessy said.

He added: “What we have done is that we have automated this service, making it accessible anywhere and anytime. If a member is requesting a loan, all VICOBA leaders will get a notification about the member who has requested a loan. They will then review and approve it electronically after which the loan amount will be transferred from the group account and the member will instantly receive the loan. The platform allows for self-onboarding after which users can access all the digital banking services through the APP and USSD across all mobile network operators (MNOs).”

Brown Kessy noted that financial technology has positively impacted the banking landscape in Tanzania. He urged the industry regulators to ensure that government policies and laws support financial inclusion innovations because this will further catalyze job creation, business improvement and overall economic transformation.

We interacted with DCB Bank on Day 34 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.

“40 Days 40 FinTechs is a very good platform as it gives visibility to what is happening in the market. It gives innovators a chance to showcase their products and services while at the same time informing policymakers and investors about the opportunities and challenges in the industry,” Brown Kessy said.

January 19, 2024

A-Trader is digitizing Investment Opportunities for Africans. 40 Days 40 FinTechs Tanzania Day 33

With a population of close to 1.5 billion people, Africa is a continent of endless opportunities. However, due to poor infrastructure, high illiteracy rates and low technology adoption among others, most of these opportunities remain untapped.

For instance, the majority of Africans are financially excluded because of the absence of equitable financial products and services. Further, over 500 million Africans are either unbanked or underbanked not because they don’t wish to be banked; but because they either don’t have access to banking services or the banking propositions available are unaffordable, unreachable and somewhat don’t serve their core needs.

Nonetheless, innovators are using technology to try and fix these issues. Thanks to mobile money, millions of Africans have in the past decade joined the financial inclusion ranks as they are now able to not only send and receive money but also pay bills, save and get loans.

And now, more players continue to ride on this financial technology revolution to reach both the under and unserved sectors. A good example is Tanzanian-based FinTech, A-Trader which is using technology to democratize Investment Opportunities for Africans.

A-Trader is an AI-powered platform that is digitizing African Capital Markets, by enabling users to access trading and investment options using internet-enabled mobile devices. The platform allows middle-income earners to buy and sell shares in the Dar Es Salaam and other African Stock Exchanges through on digitized platform.

“At A-Trader, we are digitizing investment opportunities for middle-income earners. Across Africa right now, there are about 500 million financially underserved people. This means that they don’t have access to essential financial services. As a result of this, it means that they can’t make their lives better. In Tanzania, we have a large population of people using mobile money services but also a large population of unbanked people. As a result of being unbanked, they can’t access several services including being able to invest on the stock exchange,” Andrew Tesha, the Founder and CEO of A-Trader said.

He added: “So we are looking at this large population of people a lot of whom have some money they want to save and invest. Our service doesn’t discriminate. Whether you have a bank account or not, we shall be able to help you. As A-Trader, we are part of an infrastructure that is regulated. We are in partnership with a broker who is registered and regulated by the Capital Markets Authority. When you sign up, we take you through a KYC process after which you can trade. We have started with allowing people to invest through the Dar es Salaam stock exchange digitally and then eventually going to the rest of Africa.”

Tesha highlighted poor awareness, low technology adoption and limited skilled resources and regulation as the key challenges the industry is facing. He nonetheless noted that the Tanzania Technology industry, though young, has a lot of potential which if well utilized will transform the country.

We interacted with A-Trader on Day 33 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.

“One of the biggest complaints we have had in Tanzania is that we don’t hear enough about success stories. We don’t hear about what is happening on the ground. There was a time when a lot of investors were asking about what was happening in our market because there was no information out there. The 40 Days 40 FinTechs initiative is one of the avenues that tells our stories and lets the world know what is happening in the innovation space. This initiative is helping us tell our fellow Tanzanians, Africans and the rest of the world what we are doing. We are doing very special things in the financial technology things and this platform is showcasing them,” Andrew Tesha explained.

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.

“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.

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.

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.