Stone Town Zanzibar; April 4, 2023: airpay, India’s fast-growing integrated financial services platform, today announced its foray into the United Republic of Tanzania through a formal alliance with the Ministry of State President’s Office Labour, Economic and Investment in Zanzibar. airpay intends to contribute to the Government’s ambitious Zanzibar Vision 2050 by creating awareness about the digital payments’ ecosystem and empowering merchants and customers through its integrated offerings.
Commenting on the collaboration, Kunal Jhunjhunwala, Founder and Managing Director, airpay, said, “We are proud to take our Made in India technology to the world by formally entering the United Republic of Tanzania. I want to thank the Revolutionary Government of Zanzibar and the Government of Tanzania at large for their support and trust in our capabilities as a long-term digital-first financial empowerment ecosystem provider. Given its huge untapped economic potential, demographic factors, mineral reserves, and proximity to the major developed countries, we believe the future belongs to Africa. Even though the country is digitally inclusive regarding payments, there is a huge untapped market for building a digital-first financial services ecosystem. Given our experience and knowledge, we at airpay are thrilled to partner with the growing ambitions of a young but enterprising nation. More so, we are excited to start our journey into Africa from Zanzibar”.
The three-day seminar has been organised at the historic Stone Town and was open to the public on the first day of the event (April 4, 2023). The event for the next two days will only be exclusive to the business community, and government officials, including regulators and policymakers, and will focus on the value proposition of omnichannel digital commerce. It is the first such event by airpay since its inception.
“Zanzibar as a government is very happy to receive our techpreneurs and thrilled at the vision that airpay alongside its local partner Twigalpha have for not only Zanzibar but Africa as a whole, we are all interwoven in one way or another. We know they have made the right choice to come to Zanzibar first and with our Vision 2050 we see many synergies and alignment that will be supported. This initiative fortifies the governments belief and leadership of His Excellency President of Revolutionary Government of Zanzibar Dr. Hussein Mwinyi to attract world class technology companies so that we can build a world class digital hub in Zanzibar that will be a catalytic force for technological innovation and transformation for Africa. As Silicon Zanzibar is also taking shape, I would like to welcome airpay into that digital race and I am pleased to be witnessing this digital revolution on our beloved Island,” said Honourable Mudrik R. Soraga, Minister of State President’s Offices Labour, Economic Affairs and Investment
As per the United Nations Secretary General’s Special Advocate for Inclusive Finance for Development (UNSGSA), Tanzania has improved significantly in terms of financial inclusion over the last decade. As per the 2021 World Bank Global Findex, the number of financially included adults (aged 15+) increased substantially to 52% in 2021 from 17% in 2011. However, 48% of adults in the country are still excluded from formal financial services – including a gender gap of 13 percentage points, which paves a perfect opportunity for airpay to deploy its technology in this east African nation.
About airpay:
airpay is India’s first integrated omnichannel financial services platform, built to eliminate
inefficiencies in the business of money. With nearly a decade of experience as a payment
aggregator, its platform is used globally by consumers, businesses, banks, and financial
institutions. airpay’s unique open architecture integrates seamlessly into the client’s ecosystem, thus offering them real-time visibility of their transactions, advanced analytics, and reporting. Today, India’s partner in digital financial services adoption with global ambition and growth potential, airpay, has brought formal financial services to underserved customers.
The company was founded by experienced technocrat Kunal Jhunjhunwala and collaborated with over 200+ financial institutions and over 1,000 business partners worldwide. Over the years, airpay has established itself as a preferred partner and advisor for providing financial services technology and last-mile enablement. The platform allows its clients to move, store and give money across many touchpoints such as web, mobile, call centre, IVR, email, SMS and face-to-face through 100+ financial instruments.
As a philosophy, airpay aims to make formal financial services accessible to everyone, powered by a passion for technology and a soul for everything Indian.
About Twigalpha:
Twigalpha is a Tanzania based tech-advisory firm that looks to elevate entrepreneurship in Africa through smart business and technology solutions. They have been involved in the deployment of some of the most cutting-edge technologies that have impacted millions of people across Africa & the world. They provide impactful support that contributes to the local economies they work in while building meaningful partnerships. Twigalpha looks to inspire the next generation of Africans to take their place among global business innovators.
Twigalpha collaborates in the creation and development of a thriving business culture within Tanzania and across borders.
About Zanzibar:
Zanzibar Island is Africa’s tropical paradise with the world’s most beautiful beaches and marine diversity. It offers laid-back beach life, but also a vast variety of activities and colourful culture and history. A historic trade hub connecting Africa, Asia, and the Middle East for centuries, Zanzibar has always been a destination point in global commerce; however, technologically Zanzibar has been an important adopter of digital and telecommunication technologies, it was the first country in Africa to have Colour Television Broadcasting, an important landing point for undersea telephony and interconnection. Zantel then owned by Etisalat & Revolutionary Government of Zanzibar boost having launched the first commercially licensed mobile money service in East Africa. Today Zanzibar is a hotbed for Digital Startups from around the world wanting to enter the African market under the Silicon Zanzibar PPP.
Silicon Zanzibar is a public-private initiative that looks to attract and relocate tech companies and workers from across Africa and beyond to the island of Zanzibar. Led by the Zanzibar Ministry of Investment & Economic Development alongside leading African tech companies, Silicon Zanzibar aims to transform the island into a leading hub for Pan-African tech companies. In April 1964, Zanzibar merged with mainland Tanganyika. This United Republic of Tanganyika and Zanzibar was soon renamed, blending the two names, as the United Republic of Tanzania, within which Zanzibar remains autonomous.
