Connect with us

Business News

Lipa na M-Pesa developer has another smart innovation

Published

on

Mr Chris Gathingu, Founder and Chief Executive TangazoLetu Ltd and his wife Caroline Gathingu cut the cake to mark the company's 10th anniversary held at the Golen Tulip Hotel in Westlands. Looking on (from left) is John Gachora, Group Managing Director, NIC Bank and Bob Collymore, CEO, Safaricom Ltd.

Mobile solutions provider, Tangazoletu Ltd, last evening marked 10 years of operations with an ambitious plan that targets 10 million unbanked Kenyans in the informal sector with financial technology solutions.

Speaking during an anniversary dinner held at a Nairobi hotel,  Tangazoletu CEO Chris Gathingu said the firm will collaborate with more than 70 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 10 years,” Mr Gathingu said. “In our next phase of growth and partnerships, we target to reach another ten million Kenyans and bring them to financial inclusion. We are also committed to a Pan-African vision to spread our solutions to other African countries.”

SEE: This new service will give M-Pesa a run for its money

Safaricom CEO Bob Collymore, who was the chief guest, said the mobile operator 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 responsible for lifting just under 200,000 people (predominantly women) out of poverty in Kenya,” he said. “We commit to work with local partners such as Tangazoletu to deepen our financial inclusion agenda.”

RELATED: How Chris Gathingu built Tangazoletu from scratch

NIC Bank CEO John Gachora said 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,” he said.

Tangazoletu was founded 10 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).

NEXT: Kenyans find a new obsession when buying TVs

Business Today is the leading independent online business website in Kenya. Started in 2012 by a veteran business journalist, it has a huge following both in Kenya and abroad. It covers various business and related issues. Email editor at: [email protected]

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News Updates

Opinion57 mins ago

Align Kenya’s political system with global standards

There is need to ensure that our system is in line with international best practice especially as they relate to...

NEWS2 hours ago

Kitui County embroiled in models ‘sex scandal’

At least 16 models have dismissed the crowning of four winners at a beauty pageant held last month

NEWS2 hours ago

Kenya not yet fully a free democracy, new report says

While a full report on the country's performance is not yet available online, a summary of the report notes that...

NEWS3 hours ago

Family of five perishes in Juja inferno

Police said a woman, three children - all aged below 10 years, and a man were found early Tuesday morning

NEWS4 hours ago

Americans urged to support conservation

Conservation of nature in many countries in Africa contributes significantly to sustainable rural community livelihoods

NEWS21 hours ago

It’s business as usual, Mike Sonko says

He dismissed reports that Igathe called it quits last Friday following disagreements arising from implementation of key projects and award...

NEWS23 hours ago

Police mum on theft of State House furniture

Nakuru OCPD Samuel Obara told the press that only police headquarters in Nairobi or State House spokesman Manoah Esipisu can...

NEWS23 hours ago

Uncertain future for 100 police officers recalled from NTSA

The Director of Personnel at Vigilance House, the Kenya Police Service nerve centre, Boniface Maingi asked the commanders to send...

Person of Interest4 days ago

Fred Matiang’i: Second most powerful man after President Uhuru

The no-nonsense Cabinet Secretary has become Uhuru Kenyatta's Mr Fix It in government affairs in the processing getting big ministries...

Politics4 days ago

Jubilee script goes haywire as Igathe quits

Details on boardroom rifts started emerging when Sonko shared screenshots of private Whatsapp conversations with his deputy as he fought...

Advertisement

Trending