UNCDF, in partnership with four innovative start-ups participating in PesaTech Accelerator—Dawa Mkononi, Afya Lead, Laina Finance, and EvMak—actively participated in the Inclusive Fintech Forum held in Rwanda from June 19th to 23rd, 2023. This forum served as a crucial platform for discussing the challenges and opportunities within Africa's fintech sector, with a focus on collaboration, policy support, and investment to drive further growth and inclusivity.

During the forum, participants emphasized the need for policy and regulatory harmonization, ethical use of technology and data, and the mitigation of cybersecurity challenges. While fintechs face obstacles such as navigating complex regulations and talent acquisition, it was widely recognized that the sector holds immense potential for transformation and development, particularly in terms of enhancing financial inclusion and bridging the digital divide.

One notable session featured a round table discussion with Central bank governors from Tanzania, Kenya, Rwanda, Uganda, Niger, and Singapore. Tanzania's Deputy Governor of the Central Bank, Sauda Msemo, highlighted the country's initiatives to enhance digital public infrastructure, including the Tanzania Instant Payment System (TIPS) and the introduction of regulatory sandbox regulations for fintech. These efforts demonstrate the government's commitment to creating an enabling environment for fintech start-ups to thrive in Tanzania and scale across the region.

To effectively promote fintech in Africa, stakeholders were urged to collaborate on consistent and enabling policies, infrastructure investment, talent development, and the adoption of emerging technologies. Through collective efforts, the true potential of fintech can be harnessed, leading to economic growth, improved access to financial services, and the establishment of a more inclusive and sustainable future for Africa.

The participation of the four PesaTech start-ups at the forum demonstrated the accelerator's role in supporting influential start-ups that are driving transformative change in Africa's fintech landscape. Moreover, the start-ups had the opportunity to engage with Deputy Governor Sauda Msemo, Director of Financial Deepening and Inclusion Directorate Mr. Kennedy Komba, and other representatives from the Tanzania Fintech Association.

During an interview with CNBC Africa, Tonny Missokia, Co-founder of Laina Finance, a startup offering digital finance services with credit-based payment options, shared valuable insights on fostering inclusivity within the fintech start-up ecosystem. You can watch the insightful interview HERE.

UNCDF and the PesaTech start-ups’ engagement at the Inclusive Fintech Forum highlights its commitment to driving positive change in the African fintech landscape while fostering collaboration, innovation, and inclusivity.

PesaTech is implemented by Sahara Ventures in partnership with Enea Advisors, Hindsight Ventures, and iPF Softwares, with support from the European Union Digital4Tanzania (D4T) Programme under UNCDF’s Tanzania-Inclusive Digital Economy (TIDE) project.