ABSA & HINDSIGHT VENTURES TEAM UP TO BOOST FINTECH AND STARTUP INNOVATION

Absa Bank Tanzania, Managing Director, Obedi Laiser (right), shakes hands with the Bank of Tanzania (BoT) Director of Financial Deepening and Inclusion, Kennedy Komba, in Dar es Salaam today, during the launch ceremony of Wazo Challenge Tanzania, a flagship initiative aimed at fostering innovation and entrepreneurship in the country’s FinTech and startup ecosystem. On the left is the Absa's Head of Customer Experience and Digital Channel, Samuel Mkuyu.

A member of the Board of Directors of Absa Bank Tanzania, Peter Ulanga (left), Absa Bank Tanzania, Managing Director, Obedi Laiser, and the Director of Financial Deepening and Inclusion at the Bank of Tanzania (BoT), Kennedy Komba, walk together in Dar es Salaam today, towards the launch ceremony of Wazo Challenge Tanzania, a flagship initiative aimed at fostering innovation and entrepreneurship in the country’s FinTech and startup ecosystem.

Absa Bank Tanzania Managing Director, Obedi Laiser (second right), speaks with the Co-Founder and CEO of Hindsight Ventures, Mr. Ajay Ramasubramaniam (second left), Head Digital Banking from Absa Group, Tawanda Chatikobo, and Absa Tanzania Head of Customer Experience and Digital Channel, Samuel Mkuyu (right), during the launch ceremony of Wazo Challenge Tanzania, a flagship initiative aimed at fostering innovation and entrepreneurship in the country’s FinTech and startup ecosystem.

Bank of Tanzania (BoT), Director of Financial Deepening and Inclusion, Kennedy Komba, delivers a speech in Dar es Salaam today, during the launch ceremony of Absa's Wazo Challenge Tanzania, a flagship initiative aimed at fostering innovation and entrepreneurship in the country’s FinTech and startup ecosystem.

• A 60-day program featuring an innovation track and a hackathon track
• Themes include customer experience, digital identity, and digital-first products
• Selected startups will have the opportunity to pilot their solutions with Absa Bank Tanzania
• Each selected startup will gain access to USD 600,000 worth of technology credit
• Program concludes with a demo day, offering access to domestic and global investors

Dar es Salaam, 21 March 2025: Absa Bank Tanzania, in collaboration with Hindsight Ventures, has launched the Wazo Challenge Tanzania, a flagship initiative aimed at fostering innovation and entrepreneurship in the country’s FinTech and startup ecosystem. The launch event, held at the Serena Hotel in Dar es Salaam, was graced by the Guest of Honor, Mr. Kennedy Komba, the Director of Financial Deepening and Inclusion at the Bank of Tanzania, representing the Governor.

Themed “Bank of the Future”, the Wazo Challenge Tanzania invites FinTech startups and innovators to showcase cutting-edge solutions that have the potential to redefine the future of banking. The initiative is part of a three-year partnership between Absa Bank Tanzania and Hindsight Ventures, designed to support the growth and scalability of Tanzania’s entrepreneurial ecosystem.

Speaking at the launch, Mr. Obedi Laiser, Managing Director of Absa Bank Tanzania, emphasized the bank’s commitment to innovation and financial inclusion. “The Wazo Challenge Tanzania is a testament to our belief in the power of innovation to drive growth and create value for our customers as this links directly our organizational purpose of “Empowering Africa’s tomorrow, together, one story at a time” and our brand promise, “Your story matters”. We are excited to partner with Hindsight Ventures to empower Tanzania’s innovators and entrepreneurs.”

Mr. Ajay Ramasubramaniam, Co-Founder & CEO of Hindsight Ventures, echoed this sentiment, stating, “We look forward to working with Absa Bank Tanzania to strengthen the local FinTech ecosystem through a structured approach to discovering and engaging with innovative products and solutions. Startups and innovators will benefit from access to Absa’s network, coupled with our global FinTech network, making this initiative a cornerstone for innovation in the sector.”

The program aims to make banking more seamless and customer-centric, leveraging advancements in digital transformation to meet the evolving needs of modern consumers. The structured program offers FinTech startups and innovators an opportunity to engage with Absa Bank Tanzania through mentorship, collaboration, and potential investment. Entry into the no-equity, no-fee program will be contingent on completing the qualifying process and background checks.

Furthermore, the Wazo Challenge Tanzania will provide access to industry experts, coaches, and mentors to help startups in their venture-building journey. The initiative seeks to connect the selected startups with a global pool of FinTech experts and investors eager to support the growth of Tanzania’s FinTech landscape.

Tanzania’s FinTech ecosystem has been steadily expanding, with several homegrown ventures attracting venture capital and addressing consumer needs. Programs like the Wazo Challenge Tanzania are playing a crucial role in nurturing this ecosystem, fostering innovation across digital finance solutions, supply chain finance, payment services, credit scoring, and value chain enablement.

The Wazo Challenge “Bank of the Future” Edition will culminate in a grand, invitation-only Open Innovation Day, where finalists from both the Hackathon and Challenge tracks will present their innovative FinTech solutions to a distinguished panel of investors and industry leaders.

The Wazo Challenge Tanzania will run from 2025 to 2027, with Absa Bank Tanzania and Hindsight Ventures providing structured programming, mentorship, and funding to ensure the success of participating startups and innovators.