Plumber

Read and watch my interviews with CNBC Africa with breaking business news, insights and updates across the continent. Salum Awadh CEO – SSC Capita

In this interview, Salum Awadh, Founder of the Tanzania Venture Capital Network, explains the reasons for the creation of the network, its scope of work and activities as well as the challenges and opportunities met by Venture Capital industry in Tanzania.

In Tanzania, the fintech sector is still nascent with less than 50 companies, among which 68% in their early stages and 20% still at the pre-startup stage and not fully launched yet, a research found.

An assessment of the Tanzanian fintech landscape by the United Nations Capital Development Fund (UNCDF), in partnership with Tanzania’s Information, Communication and Technology (ICT) Commission and local innovation hub Sahara Ventures, identified just 34 active fintech startups in the country as of November 2020.

Halal Angels Network is among the first to penetrate the $5 trillion Halal consumer market has teamed up SSC Capital of Tanzania to tap the fast growing African market. 

According to Brookings Institute “More than 80 percent of Africa’s population growth over the next few decades will occur in cities, making it the fastest-urbanizing region in the world. In total, we expect annual spending by African consumers and businesses to reach $6.66 trillion by 2030, up from $4 trillion in 2015.