TANGAZOLETU TO REACH TEN MILLION UNBANKED KENYANS THROUGH TECHNOLOGY

Company behind the Development of Lipa M Pesa and Other Ground Breaking Solutions in the Financial Sector

Tangazoletu Limited, a Kenyan ICT firm and a trend setter in mobile solutions used by millions of Kenyans has today marked ten years of its existence with an ambitious target to bring ten million unbanked Kenyans in the informal sector through financial technology solutions.

Speaking during a colourful anniversary dinner held at a Nairobi hotel, the Chief Executive Officer of Tangazoletu Mr.Chris Gathingu said that the firm will collaborate with partners such as Safaricom, banks, Saccos and Microfinance Institutions to reach the unbanked population in the informal sector in Kenya.

“Our solutions have already reached over five million Kenyans in the last ten years. In our next phase of growth and partnerships, we target to reach another ten million Kenyans and bring them to financial inclusion with our solutions. We are also committed to a Pan-African vision to spread our solutions to other African countries. We shall deepen and expand our social responsibility programmes to support causes in the region,” said Mr. Gathingu.

From left to Right: Peter Njuguna – Head of Sacco Supervision at Sacco Societies Regulatory Authority (SASRA), John Gachora – CEO of NIC Bank, Chris Gathingu – CEO Tangazoletu with his wife Caroline Kimondo, Bob Collymore – CEO of Safaricom with his wife Wambui Kamiruand Dr. Kamene Kimenye Action Head of National TB programme during the Tangazoletu at 10 celebration dinner.

The Chief Guest at the function Mr. Bob Collymore, the Chief Executive Officer of Safaricom, committed that Safaricom will work with local technology partners such as Tangazoletu to continuously innovate solutions that transform lives of Kenyans. Today, the M Pesa system processes two loans every second and has ensured that over 26 million customers are rarely more than a kilometre away from an agent. M Pesa has been responsibie for lifting just under 200,000 people (predominantly women) out of poverty in Kenya. We commit to work with local partners such as Tangazoletu to deepen our financial inclusion agenda,” said Mr. Collymore.

The Chief Executive Officer of NIC Bank Mr. John Gachora said that banks in the region should view financial technology (Fintech) companies in the region as partners and not disruptors or competitors. “There is a tendency by companies in the financial sector to look at Fintech companies such as Tangazoletu as a threat to their businesses. They are not. They should be viewed as innovation partners that will enhance their business models,” said Mr. Gachora.

Tangazoletu was founded ten years ago in a local university when Chris Gathingu, the founder, was still a student. The company has developed, among other solutions, Lipa na M Pesa, Spotcash (used by most Saccos in Kenya), M TIBU, a groundbreaking solution for managing TB in the country (in partnership with Safaricom, Ministry of Health and USAID)

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