Boost for Tanzanian MSMES as Watu reaffirms commitment to financial Inclusion
Dar es Salaam. Watu, a Pan-African asset financing company, is bridging the digital gap in Tanzania by providing innovative digital solutions that empowers Micro Small, and Medium Enterprises (MSME) to thrive in the digital age.
Since its inception in the country in 2021, Watu has enabled small businesses and individuals to acquire essential mobility and connectivity tools, empowering them to contribute meaningfully to the economy.
Watu enables the citizens to acquire smartphones, two-and-three wheeler motorbikes as well as electric and CNG tuktuks to enhance their livelihoods.
Speaking at the Fintech Society of Tanzania Annual Conference, Rumisho Shikonyi, Country Manager for Watu Credit Tanzania, said that the next phase in Tanzania’s financial inclusion journey must focus on impact.
He emphasized that the fintech industry should do more than just provide access to financial services and instead focus on creating practical and inclusive solutions that empower people across all economic segments to make a living.
“We need to move beyond mobile wallets and digital payments. The real challenge is whether the tools we develop can help people to improve their lives, whether it is to start a business, buy essential tools, or create a stable income,” Mr. Shikonyi said.
“For millions of informal entrepreneurs, access alone is not enough, what matters is how financial tools help can help them grow, work, and build a better future. Fintech can change lives, but only if we build practical and inclusive solutions that empower people to succeed.”
Over the past decade, Tanzania has made huge progress in financial inclusion, with formal financial access growing from 16 percent in 2009 to over 65 percent today. Mobile money now powers over 70 percent of transactions, making it the backbone of the country’s financial system. But despite this, many hardworking Tanzanians still struggle to access the financing they need to move forward.
“We meet boda boda riders and small business owners every day who are ready to work, but struggle to secure financing because they don’t have a credit history or collateral. That’s where Watu comes in– by trusting these entrepreneurs and financing their ambitions and dreams to acquire assets they need to succeed,” Shikonyi noted.
A large proportion of Watu Tanzania’s customers are first-time borrowers, meaning they wouldn’t qualify for loans elsewhere. But with access to a boda boda or a smartphone, they can generate a steady income, support their families, and take control of their financial future.
