Opportunity for the Fintech Ecosystem in Tanzania!!!
Written by Nice Msangi
On the 5th of May 2022, PesaTech Accelerator was officially launched.
The launch happened after the Fintech Stakeholder Engagement that took place on the 14th of April 2022 at Seedspace Dar es Salaam to identify the existing solutions, challenges, and opportunities around from the perspectives of key Fintech ecosystem stakeholders which include Banks & amp, Financial Institutions, (ABSA, CRDB, NMB, etc.) Government Regulatory Bodies (TCRA, BOT, CoSTECH, etc.) Mobile Network Operators (Vodacom, Tigo, Zantel, etc,) Innovation Hubs (Buni, SmartLab, Cube, etc.).
The Launch was graced by different Fintech stakeholders and honored to have Dr. Amos Nungu as our Guest of Honor.
During the launch, Dr. Amos Nungu highlighted how the Government through COSTECH continues creating an enabling environment for innovators in the country. He expressed his belief that this program launched will help innovators in the fintech space increase knowledge, build networks and earn money to grow their startups
PesaTech Accelerator is a program that aims at identifying and fostering Tanzanian start-ups in the Fin-tech space. The project is implemented by Sahara Ventures partnering with Hindsight Ventures and Enea Advisors under the financial support of UNCDF Tanzania and the Swedish Embassy.
The program is an opportunity for the Fintech startup with an existing Minimum Viable Product (MVP) about to be launched and tested, or already in the market, the Fintech startup with an existing Minimum Viable Product (MVP), proven traction, and one that has started to generate revenue, any industry expert or coach who is willing to commit time to work or engage with startups also the program is open for any organization wanting to partner with the accelerator to add value to the founders and the startups.
Why PesaTech
According to the UNCDF Report, they identified 33 Fintech startups are operating in Tanzania, however, the number may change with time. The large number of fintech start-ups identified are involved in lending/financing and payments/ remittances, some are branching out into other sectors, including savings, personal finance, investments, and insurance. This shows how rapidly the fintech ecosystem in Tanzania has evolved in the past 10 years where initially the fintech services were limited to airtime purchase, money transfer, and cash deposit and withdrawal.
You can read more about the Fintech ecosystem in Tanzania through
https://www.uncdf.org/article/6759/the-fintech-start-up-landscape-in-tanzania
According to Sahara Accelerator experiences, Most investors vouch for the startups with a capacity of raising one million dollars and above and most Tanzania Fintech startups are still in the MVP stage and started generating some revenue. PesaTech is created to bridge the gap by equipping them with all tools for business development, communication and branding, Investor readiness support, legal and compliance, and a go-to-market strategy
Takeaways from the PesaTech Launch
Access to funding remains a key challenge but the low capacity of the fintech startups also limits their growth; According to the statistics; thirty-six percent have secured seed funding or growth financing, while 35 percent rely on bootstrapping funds. Though that is said to be the critical challenge, another challenge facing these startups is the low capacity of talents in technology, finance, and entrepreneurship. PesaTech is designed to support these fintech Startups to receive bespoke technical and business development support, preparing them to raise capital and accelerate their growth”
UNCDF Digital is open to assisting the ecosystem; Supporting the innovation ecosystem in Tanzania is in line with UNCDF’s digital strategy, “Leaving No One Behind in the Digital Era”. UNCDF is ready to leverage the existing infrastructure in the ecosystem to support fintech start-ups on multiple fronts, including competitively identifying eligible fintech start-ups, conducting diagnostic assessments, providing technical assistance, and performance-based financing.
Other than UNCDF, different stakeholders in the Fintech ecosystem showed interest to share their experiences and equip founders with the right tools to launch and scale their innovations to the global stage.
Call For Applications
PesaTech creates opportunities for;
Fintech startups; PesaTech Accelerator is open for the Fintech startup with an existing Minimum Viable Product (MVP) about to be launched and tested, or already in the market and equip them with all tools for product development, business development, communication and branding, investor readiness support, legal and compliance and go-to-market strategy
Fintech startup with an existing Minimum Viable Product (MVP), proven traction, and one that has started to generate revenue and equip them with fundraising strategy, strategic partnerships, legal and compliance, market access together with the creation of systems and structure
Institutions, Organizations, and Hubs in the Fintech realm, The accelerator is also open for collaboration with any institution in the fintech space that can add value to the startups and also redefine and expand financial inclusion post-mobile money success.
Mentors, This is also a good opportunity for the fintech industry expert to engage with the startups and share their knowledge and experience. The program is open to all those who are willing to commit their time and resources to the growth of the ecosystem
For more information about the project visit
