It seems Fintech and Africa have started a romance for the good of the continent’s economy and status.
Hardly a week or days pass without you hearing of a breakthrough, funds gained, or one heartwarming and cheering news or the other about Africa in relationship to FinTech.
This time around the good news is that Tanda; a Kenyan Fintech Startup has secured Seed funding after completing the round and revealed that plans are underway for regional expansions of the territories and markets under its coverage.
The Big story:
In a post in the News section on Tanda’s website, a post captioned “Tanda secures funding to expand regionally” Tanda said that it had successfully rounded up the sed funding round stating that the Startup is expanding operations regionally.
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Remember In February 2021, Kenyan agent banking platform, Tanda, raised an undisclosed funding round from HAVAÍC, Zedcrest Capital, DFS Lab, and four other angel investors including Victor Asemota.
The Journey so Far
Founded in 2018, Tanda’s goal is to make digital financial services — mobile banking, airtime purchase, utility payment, borrowing money, and insurance — accessible to the unbanked, especially small and medium-scale businesses through its network of commission-based agents.
Now claiming to have served over 300,000 unique customers through a network of 12,000 merchants and agents in Kenya, Tanda is looking to expand to Uganda, Tanzania, and Rwanda in the next two years. It believes a prior partnership with Mastercard and Interswitch will aid this growth.
Kenya is big on digital payment adoption with over 27 million users which M-Pesa accounts for. Coming to West Africa, Tanda’s model is similar to Nigeria’s Paga that boasts of over 25,000 agents serving more than 14 million customers.
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Agent banking sustained banking services during the pandemic more than other fintech startup services.
Tanda is an independent agent network operator based in Kenya. Since its inception in 2018, Tanda has enabled banks, telcos and a variety of digital service providers to serve their customers through a nationwide network of commission-based agents, with distribution costs that are a fraction of traditional channels.
Tanda aims to make informal banking an accessible and lucrative growth channel for its agents and service providers.