ADVANCING FINANCIAL SERVICES THROUGH INNOVATIVE LENDING SOLUTIONS

CEO of Tausi Africa Technologies, Derick Kazimoto (left) and CEO of Creditinfo Tanzania, Edwin Urasa during the launch.

Dar es Salaam, October 24, 2024: Tausi Africa has officially launched Manka, an AI-powered financial analytics platform designed to improve credit assessments in Tanzania’s informal economy. The platform analyzes both bank and mobile money statements, enabling financial service providers to make faster and more accurate lending decisions. By reducing credit assessment times from approximately 3 hours per customer to under 2 minutes, Manka aims to enhance efficiency within the financial sector and support financial inclusion.

The launch event took place on October 24, 2024, at the Hyatt Hotel in Dar es Salaam, bringing together stakeholders from across the banking and financial sectors to discuss the platform's potential impact on lending practices.

Eric Massinda, CEO of the Financial Sector Deepening Tanzania (FSDT), delivered the keynote address at the event, stating, "Manka represents a significant advancement in Tanzania's financial landscape. By leveraging alternative data and technology, the platform addresses key challenges in lending, particularly in underserved sectors. 

Manka's ability to streamline credit risk assessments will not only improve access to finance but will also drive more inclusive economic growth and give the customers the power over their data. As Tanzania continues to embrace open finance, solutions like Manka are critical to ensuring that financial institutions can better serve their customers and support the growth of small and medium-sized enterprises (SMEs)."

At the launch, Tausi Africa also announced its partnership with Creditinfo Tanzania to expand the reach and impact of Manka within the financial sector. This collaboration enables both companies to offer Manka’s advanced credit analytics capabilities to a broader range of financial service providers, empowering them to serve their customers with improved financial insights and solutions. The partnership represents a shared commitment to enhancing financial services and supporting economic growth in Tanzania.

Edwin Urasa, Chief Executive Officer of Creditinfo Tanzania, commended the innovation, stating, " Manka will significantly optimize how we assess credit risk in underserved markets. Beyond just risk assessment, Manka will empower banks to enhance customer acquisition efforts while creating opportunities for more personalized financial offerings. By leveraging AI, financial institutions will make more confident, data-driven decisions in record time, ensuring broader access to much-needed credit."

Speaking at the launch, Derick Kazimoto, CEO of Tausi Africa Technologies Limited, said, "Manka is designed to improve access to credit by enabling financial service providers to serve their customers more effectively. By optimizing credit assessments and providing insights into customer behavior, Manka allows institutions to offer faster, more personalized financial solutions—not just in credit, but across a range of products. Additionally, Manka helps match customers with financing options that are better aligned to their specific needs, increasing access to suitable financial solutions in the market. Our focus is on empowering FSPs to meet the needs of their customers, opening up opportunities for better financial inclusion."

The platform uses AI to provide comprehensive credit risk analytics and pre-score consumers across multiple financial institutions with enhanced accuracy. Manka reflects Tausi’s mission of "Unlocking access to finance for the African informal economy" by fostering financial inclusion and driving greater access to credit for small and medium-sized enterprises (SMEs).

Manka symbolizes financial responsibility and wisdom, attributes inspired by its namesake from the Chagga tribe. These values are reflected in Manka, delivering transparent and insightful financial analysis that enables informed decision-making and paves the way for increased financial opportunities across Tanzania.

The efficiency Manka brings to credit assessment will help financial institutions better serve customers while reducing the risks associated with lending, especially in sectors that have traditionally been underserved.