TAMFI and Wakandi Tanzania Forge Partnership to Strengthen Microfinance Sector

Dar es Salaam, Tanzania – November 22, 2024

To support Tanzania’s financial inclusion agenda, the Tanzania Association of Microfinance Institutions (TAMFI) and Wakandi Tanzania signed a commercial contract today at the Norwegian Embassy Residence in Dar es Salaam. This strategic partnership, culminating in extensive planning, aims to empower Tanzania’s microfinance institutions (MFIs) with advanced technology and improved governance frameworks, ensuring compliance with the Bank of Tanzania’s (BOT) regulatory requirements.

TAMFI, representing 160 licensed MFIs serving approximately 1.2 million users nationwide, has long been at the forefront of supporting financial inclusion. The partnership with Wakandi is expected to address critical gaps in compliance, governance, and IT infrastructure—key challenges for the sector.

Addressing Pressing Challenges
“This collaboration addresses pressing challenges facing MFIs in Tanzania,” said Devotha Minzi, TAMFI Board Chairperson, during the signing ceremony. “With Wakandi’s innovative solutions, we are confident that MFIs will be better equipped to meet regulatory demands and serve their clients more effectively. Together, we are laying a solid foundation for a stronger, more compliant microfinance sector.”

Espen Kvelland, Director of Wakandi Tanzania, shared the same optimism. “Wakandi offers a technological solution to the compliance and governance issues plaguing the sector,” he noted. “This partnership is about addressing market needs together and succeeding as partners. It’s an exciting step toward modernizing the microfinance ecosystem.”

A Ceremony Graced by Dignitaries
The signing ceremony, officiated by H.E. Tone Tinnes, Norwegian Ambassador to Tanzania, Uganda, and Rwanda, brought together prominent figures in government, trade, and finance, including:

Mr. Hussein Mohammed Omar, Deputy Permanent Secretary, Ministry of Agriculture
Ambassador John Ulanga, Director of International Trade and Economic Diplomacy, Ministry of Foreign Affairs and EAC
Mr. Erio Willium, Director General, Fair Competition Commission
Ambassador Tinnes lauded the partnership as a transformative step for Tanzania’s financial sector. “This collaboration demonstrates the power of partnerships in tackling key challenges and driving inclusive economic development,” she said. “It’s a reflection of the shared vision between Norway and Tanzania to advance sustainable growth.”

Empowering the Sector with Innovation
Espen Kvelland captivated attendees by recounting Wakandi’s journey in Tanzania and how the company’s growth aligns with the evolving needs of the financial sector. He highlighted Wakandi’s role as a pioneer in providing innovative IT systems that simplify compliance processes, improve governance, and enhance service delivery.

“Our solutions are designed to empower MFIs to meet regulatory requirements while delivering exceptional value to their clients,” Kvelland remarked.

A Transformational Partnership
This partnership is expected to set new benchmarks for Tanzania’s microfinance sector, enabling MFIs to operate with greater transparency, efficiency, and compliance.

“This is a game-changer for the microfinance sector,” Minzi added. “It ensures that MFIs can remain compliant while continuing to expand financial services to underserved communities.”

As TAMFI and Wakandi embark on this collaborative journey, they aim to foster a more inclusive and resilient financial system that supports economic growth and empowers millions of Tanzanians.