Many businesses mainly start-ups, informal, small and medium enterprises always struggle to collect payments and later disburse funds. As such several end up doing cash transactions that are not only time-wasting but also expensive and risky.
It is these ills that financial technology seeks to cure by enabling digital transactions that are affordable, reliable and instant.
On day three of the 40 Days 40 FinTechs initiative for Tanzania, we interacted with EvMak; a FinTech that leverages technology to empower other businesses to thrive through providing businesses with business tools such as Invoice creation, payment links, and Insurance services among others.
In our engagement, Evans Makundi the Founder and CEO of EvMak noted that EvMak is focused on transforming Tanzania and Africa at large by providing a reliable payment gateway to businesses mainly SMEs. He emphasized that EvMak prioritizes the seamless collection and disbursement of funds.
“The major problem we are solving in Tanzania and across Africa is the fact that it is very hard for someone to get paid digitally. We have created an infrastructure that enables any company to get paid using local and international payment systems. We have integrated this infrastructure with multiple payment options,” Makundi said, adding;
“We provide our customers with one API point that they can connect and start collecting payments from their customers. We have created a platform and not an APP. Our platform can be used through USSD, Web and APP. We have partnered with several FinTechs around the world including PayPal, Visa and Mastercard. Our customers can also pay using their mobile wallets across the globe. We also do utility payments including small bills and air tickets among others.”
Even though EvMak has created a sandbox like environment that allows for self-integration and also has a support team in place for those that need integration assistance, its work is not without trials..
According to Makundi, some of the major challenges they are facing include slow adaptation and low trust in technology.
“People are still used to cash transactions so changing the narrative from people accepting cash to accepting digital payments is still an issue. Many people don’t trust the digital system. We are gradually sensitizing the end users on why digital transactions are good and safe for everyone,” he said.
EvMak is the third participant in 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 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.
“The 40 Days 40 FinTechs platform gives us a lot of advantages and helps us reach a lot of stakeholders that don’t fully understand the FinTech business. A platform like this explains and showcases what we do. Major stakeholders like regulators and potential funders usually understand us better through this platform thus enabling the ecosystem to grow,” Makundi explained.
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, NG Films, Founders Academy and Mojaloop Foundation.
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.
