NMB Bank Chief Technology and Digital Transformation Officer Mr Kwame Makundi (seated left) and United Nations Capital Development Fund (UNCDF) Executive Secretary Mr Pradeep Kurukulasuriya sign a Memorandum of Understanding in Dar es Salaam to advance the third phase of the PesaTech programme aimed at strengthening Tanzania’s fintech and start-up ecosystem. Looking on is Ms Paola Trevisani (centre), Head of Infrastructure and Regional Cooperation at the European Union Delegation to Tanzania and the East African Community, alongside other officials.
Dar es Salaam. NMB Bank and the United Nations Capital Development Fund (UNCDF) have signed a strategic cooperation agreement aimed at strengthening the environment for identifying, developing and scaling technology-driven start-ups through regulatory and legal support, access to markets and finance, and professional mentorship.
The agreement is expected to strengthen links between innovators, financial institutions, government, investors and markets, helping transform digital ideas into viable businesses capable of solving everyday challenges, creating jobs and supporting Tanzania’s digital economy.
The Memorandum of Understanding (MoU) was signed in Dar es Salaam by NMB Bank Chief Technology and Digital Transformation Officer Mr Kwame Makundi and UNCDF Executive Secretary Mr Pradeep Kurukulasuriya.
The agreement builds on a partnership established in 2022 through the PesaTech programme, which supports start-ups using technology to develop solutions for financial services and other key sectors of the economy.
Speaking during the signing ceremony, Mr Makundi said the partnership had entered a new phase following achievements recorded during the first two phases of PesaTech.
He said the programme had so far supported 20 start-ups, five of which were already working directly with NMB.
NMB Bank Chief Technology and Digital Transformation Officer Mr Kwame Makundi (centre) exchanges signed Memorandum of Understanding documents with UNCDF Executive Secretary Mr Pradeep Kurukulasuriya in Dar es Salaam. The agreement advances the third phase of the PesaTech programme, under which fintech companies and start-ups will receive mentorship, market linkages and opportunities to integrate their solutions into the NMB digital ecosystem. Looking on is Ms Paola Trevisani, Head of Infrastructure and Regional Cooperation at the European Union Delegation to Tanzania and the East African Community.
Three start-ups are currently integrating their services into the NMB Mkononi Super App, while others are being connected to the bank’s collection and lending platforms.
Under the agreement, NMB will help identify start-ups and innovative digital ideas capable of addressing real social and economic challenges, strengthen their commercial viability and connect them with finance, markets, technical experts and digital infrastructure.
“We want NMB to be at the centre of an integrated start-up and innovation ecosystem that develops digital solutions to challenges facing Tanzanians,” Mr Makundi said.
He said participating start-ups would benefit from professional mentorship, legal and regulatory support, market access, strategic partnerships and sustainable pathways to affordable financing and investment capital.
Healthcare, agriculture, education, transport and trade are among the sectors identified as having strong potential to benefit from digital solutions capable of improving service delivery, reducing costs and expanding access.
Mr Makundi said NMB would continue working with UNCDF, the government and other partners to establish sustainable financing mechanisms through which start-ups could expand operations, create jobs and enter new markets.
“By 2030, we aim to have onboarded more than 30 start-ups into the NMB ecosystem, delivering solutions that improve the lives of Tanzanians and strengthen the country’s digital economy,” he said.
He said NMB’s network of more than 250 branches, over 75,000 agents and more than 10 million customers provides start-ups with a broad platform through which they can test, integrate and scale their solutions.
The network, he added, gives young companies access to a large market and an established financial and digital infrastructure that reaches communities across the country.
Mr Makundi urged founders to focus on developing solutions that address genuine challenges faced by households and businesses, while ensuring their technologies remain secure, accessible and trusted by customers.
“Innovation succeeds when it earns customer trust, remains secure and easy to use, and creates lasting value,” he said.
Mr Kurukulasuriya said UNCDF had expanded the partnership after reviewing results achieved during the first two phases of the PesaTech programme.
He said UNCDF viewed NMB as a capable partner in identifying and developing promising start-ups and connecting them with capital, markets and established financial and technology platforms.
The UNCDF Executive Secretary said start-ups played an important role in creating jobs, driving technological innovation, attracting investment, broadening the tax base and developing solutions to social and economic challenges.
Chuo Credit founder and director Mr Elibariki David Laizer said the company’s partnership with NMB had helped expand its provision of loans, mobile phones and laptops to university students.
He said the partnership had enabled the company to reach a market that had previously been difficult for formal financial institutions to serve while strengthening its ability to meet digital lending requirements.
The agreement is expected to provide fresh momentum for PesaTech Phase Three by transforming innovative digital ideas into viable businesses capable of creating jobs and delivering practical solutions to Tanzanians.
The next phase is expected to include selecting participating start-ups, identifying priority sectors and outlining financing, market access and technical support mechanisms under the partnership.
