Technology continues to redefine the way people live, work and interact, and as technological advancements continue, the world is literally at your fingertips if you have the right gadgets.
Thanks to technological advancements, mobile money in Tanzania has contributed to the financial inclusion of a large part of the population. According to the Global System for Mobile Communications (GSMA), the percentage of Tanzanians using formal financial services increased from 16% in 2009 to 65% in 2017, and as of June 2021, Tanzania has over 33 million (33.2) openings of mobile phones. cash accounts. . )
But that's only part of the story. The changes have also led to job creation, particularly among a young and key population, and the United Nations Capital Development Fund (UNCDF) and Infinix recently hosted a dialogue to support the growth of the startup ecosystem of financial technology (fintech). in the country
The idea behind the dialogue was to help different stakeholders understand fintech business models, market risks, and the legal and regulatory environment.
And with fintech startups relying on smart mobile devices for much of their operations, the role of brands like Infinix in helping young people achieve their dreams cannot be understated.
Eric Mkomoye, Director of Public Relations at Infinix, said at the event that young people are encouraged to participate in activities related to technological innovation as it is an ever-changing field.
“We have various devices that show the growth of technology around the world and we are key players in these events. We are here to encourage young people to use modern technology and to listen to stakeholders on what needs to be done to improve the use of technology. technology in the country,” he said.
Infinix was founded in 2013 with a focus on smart devices with the goal of creating sleek and cutting-edge design technology.
The brand aims to improve the lives of today's youth by bringing smart devices to markets in Africa, Latin America, the Middle East, Southeast Asia and South Asia.
Infinix is a key partner in the development of financial technology. The brand supports youth and innovation and is involved in various associative issues.
“And as a leader in mobile phone technology, Infinix is an important vector for the development of financial technology. The brand is very concerned about the development of fintech startups in Tanzania, with a particular focus on fintech startups. The PacaTech Accelerator program and the wider fintech community,” he said.
He added, "With the brand slogan 'Future Day by Day', we have set an example for other smartphone brands that aim to be early technology adapters and stand out by transforming people's lives today. today." Empower young people. “People all over the world, This year, Infinix introduced its flagship model, the Infinix Zero Ultra Thunder, as the world's first smartphone brand to adopt fast charging technology, which charges the 180-watt battery from 0 % to 100% in 12 minutes of charging.
Fintech says happy hour. The event was particularly focused on startups from UNCDF's PesaTech Accelerator Program, such as Kilimomendelio, Setlo and Afya Lead, but the main focus was on the wider fintech community in the country.
UNCDF policy expert Aneth Kasebele said the dialogue allowed participants to identify gaps and support initiatives to improve policies and regulations for digital infrastructure and the digital ecosystem. fintech innovation from Tanzania.
"Attendees had ample time to network individually and in small groups, and this is the first in a series of events bringing together diverse stakeholders to facilitate new partnerships and fuel the growth of the fintech startup sector," said he declared.
Organized with the support of the European Union and the Swedish Embassy, the event was Infinix's first event dedicated to the country's fintech ecosystem.
“The event provided a platform for start-ups, governments, investors and others to build relationships and build momentum at the end of a busy year,” Kasebel said.
Mathew Ngwahi, managing director of KilimoMaendeleo, said the start-up is focused on helping farmers formalize and access credit and insurance coverage that has been put in place, reaching 83,000 farmers in 16 counties. .
"As a beneficiary of UNCDF's PesaTech Accelerator, the program has been beneficial, especially as we bring the best quality products and services to farmers," he said at the event. .
He added that the program helped them understand the fintech industry and exposed them to financial institutions and various stakeholders that helped broaden their horizons.
Improving the policy and regulatory environment for innovation ecosystems and fostering inclusive innovation partnerships are the main objectives of the UNCDF Tanzania-Inclusive Digital Economy (T-IDE) project, implemented with the support of the Digital4Tanzania action of the European Union.
For his part, Mohammad Awami, CEO of Setlo, said that since the official launch of the campaign in May this year, the first group of customers are satisfied with how they can optimize their business.
Setlo is a Point of Sale (POS) app that gives customers everything they need to make payments and run their business. It can record cash payments through the app and easily accept mobile phone and card payments.
“We are delighted that we have been able to satisfy our customers so far. When you have a product that people pay for and keep paying for, it shows that success is on the horizon,” Awami said.
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