Tanzania's fintech industry has made remarkable strides in recent years, largely thanks to regulatory reforms and government initiatives focused on information and communication technology (ICT). The success of fintech startups in this thriving ecosystem hinges on strategic partnerships, delivering value to customers, and navigating a supportive regulatory environment.

To accelerate the growth of local fintech companies and the broader innovation ecosystem, UNCDF is supporting a fintech accelerator, PesaTech, that provides customized services to post-MVP and post-revenue fintech startups in Tanzania. Implemented by Sahara Ventures in partnership with Hindsight Ventures, Enea Advisors, and iPF Softwares, PesaTech has provided tailored support to twelve competitively selected start-ups over the last 24 months, increasing their investor readiness and capacity for growth. This initiative has been instrumental in fostering a thriving fintech ecosystem in Tanzania and facilitating the transformation of innovative ideas into successful ventures.

On June 9th, 2023, UNCDF celebrated the achievements of these 12 exceptional startups--the first PesaTech cohort--at the Demo Day event organized by PesaTech. Demo Day showcased the cutting-edge services and products offered by this first cohort, and served as a platform for dynamic discussions and idea exchange. Key stakeholders shared insights into industry trends and applauded the dedication and innovation of Tanzanian fintech startups, and their contribution to digital and financial inclusion.

PesaTech acts as a catalyst for the sector's advancement by offering an Investor-Readiness Program (IRP) designed to equip startups with the necessary skills to attract investment. Additionally, it serves as a vibrant marketplace, facilitating connections among startups, strategic partners, and investors, fostering synergistic collaborations and fuelling the growth of the fintech ecosystem.

Implemented as part of the Tanzania-Inclusive Digital Economy (T-IDE) project with support from the European Union's Digital4Tanzania, PesaTech plays a proactive role in enhancing the policy and regulatory environment for the innovation ecosystem. Additionally, PesaTech focuses on promoting partnerships that foster inclusive innovation within the Tanzanian fintech industry. READ MORE about the program’s success featured in the Daily News. UNCDF is actively preparing to select innovation hubs that will collaborate as program implementing partners for the highly anticipated second cohort of PesaTech Accelerator.

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