Tanzania is home to a growing fintech ecosystem, comprising 171 players operating across payments, digital banking, lending, banking infrastructure, and more, according to new research by Cofounders Notebook, a weekly newsletter covering fintech and technology in Africa.

Led by Reuben Mwatosya, Co-Founder and COO of Tanzania-based financial infrastructure company Tembo, Cofounders Notebook tackles tech-led businesses, startups, venture capital (VC), and digital financial services with a heavy emphasis on East African markets.

Its Fintech Map of Tanzania, released in July, offers a comprehensive overview of the Tanzanian fintech ecosystem, identifying, classifying and documenting fintech companies operating in the country. This map not only features homegrown fintech startups but also regulated financial institutions, infrastructure providers, multinational fintech firms, enterprise software companies and technology firms that are of relevance to the domestic fintech sector. These companies comprise Tanzanian-founded ventures, regional African fintech companies operating in Tanzania, and international fintech companies serving Tanzanian customers.

According to the research, Tanzania’s fintech ecosystem is dominated by native fintech companies, which make up 90.1% of all industry stakeholders with 155 ventures, followed by alternative lenders, totaling 10 companies, and mobile money providers with 6 companies.

Among fintech-native firms, the payment vertical leads the market with a 70.3% share and 109 companies. This vertical comprises 62 payment system providers, 26 remittance and cross-border trade payment services providers, and 21 payment aggregators. Notable names include Selcom Paytech, AzamPay, and Pesapal Tanzania:

5%.

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