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electronic financial savings and investment wallet that foster empowerment.

We utilize cutting edge technology to inspire and empower people to democratize digital financial services for an inclusive society.

Photo of Reginald Victor Runyoro
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All over a sudden the spread the Covid 19 virus is exploding and disrupting the social and economic life of people in the world. This has come with travel restrictions, social distancing, total house lockdown and business shutdown. It has led to more than 12 million young people and women running micro and small businesses (MSME's) in Tanzania to face the problem of (i) insufficient working capital, and (ii) lack of access to markets. Unfortunately, more than 210,900 MSME's are shutting down and closing their businesses resulting to those businesses dying, contributing to the unemployment rate and poverty in Tanzania and Africa as a whole.  Consequently, the owners of those micro and small businesses would like the government to improve access to finance, provide greater access to business development services and provide better financial infrastructure to those small and micro businesses during this Covid 19 pandemic in order to continue contributing to the social and economic GDP of the country. 

According to the World Bank report, 4.7% of MSME owners in Tanzania have financial literacy and understand business risks, leaving almost 90% financially excluded without them noticing. In addition, among the 4.7% only 1.2% owners of MSME's invest in business insurance and financial saving for future plans of the business. This means that 90% of micro and small businesses in Tanzania are not insured and don't have the culture of saving and investing their small amount of money for sustainable goals. 

The Digital Financial Services (DFS) and the industry of financial technology has presented us with the opportunity to bridge the financing gap that exist between marginalized people especially young people and women, and financial institutions as a way to inspire and empower them to adapt toward post Covid 19 world by accessing financial services.

Dundiza aim to democratize for the digital financial savings and investment culture of MSME's owners in order to extend access to sustainable and innovative digital wealth management opportunities to the underserved and unbanked people in Tanzania and Africa as a whole.  


What is the need are you focusing on?

In Tanzania more than 22 million young people and women running Micro, Small and Medium Enterprises (MSME's) are misguided by the belief that in order for them to save and invest money in government treasury bills and stock market exchange, then they need to have a lot of money or earn a lot of money. This problem leaves 75% of young people and women running MSME's struggling with business operations and cashflows because of insufficient working capital and access to marketing channels.  

According to the Financial Sector Deepening Trust (FSDT) report of 2012 - of the more than 3 million micro and small businesses in Tanzania only 3.9% of all the micro and small businesses were formally registered under the Business Registrations and Licensing Agency (BRELA); of those unregistered, 96.4% were micro businesses, and 84.4% were classified as small businesses. This depicts a huge existence of financing gap and misconception of financial inclusion in Tanzania.

Which type of submission are you sharing?

  • Identifying a gap that needs to be addressed

Describe the business pivot or adaptation in 3-4 sentences.

Dundiza is a smart digital financial savings and investment intuitive platform that offers young people and women running Micro, Small and Medium Enterprises (MSME's) the oppportunity to securely save and invest their money in government treasury bills and stock market exchange as a way to gain alternative income. Dundiza is inspiring and empowering young people and women running MSME's in marginalized communities of Tanzania to democratize for the comprehensive digital financial savings and investments culture and behavior. Dundiza is making digital wealth management cashless and countless by pivoting for micro credit opportunities based on their saving history supported by credit scores. Basically, this means that the user will get access to small loans from their financial saving history recorded by our credit scoring algorithm. This data driven wealth management platform will enable people to adapt to the current digital financial service for their post Covid 19 world

Do you plan to implement this solution?

  • Yes

Describe the impact that this solution will create in the world.

Dundiza will generate self-empowerment to people running MSME's through democratizing for the digital saving, micro credit and investment opportunity that will act on their own authority. This solutions is moving people into a cashless and countless transfer and investment of money both offline and online. Unfortunately, Covid 19 is disrupting the cash money payment method because the exchange of cash money might be infected by Covid 19 virus and other pandemic diseases. According to International Finance Corporation (IFC) the change of behavior of demonetization of note in developing nations has accelerated the shift from paper to electronic payments. Dundiza is not designed to disrupt banks but interoperability assist banks to deliver enhanced risk assessment, operational cost and enter new markets in a unique way of meeting the needs of the users. Dundiza hopes to reach 1,268,000 MSME's owners living in marginalized of Tanzania by the year 2025 and then reach 20 million by 2060

What is the name of your business or organization?

Dundiza Global Technologies Enterprise

What does your business/company do? Whose needs does your business/company address? Who do you serve?

Dundiza provides an easy and transparent wealth management designed for people running MSME's to automate the process of digital savings, investments and microcredit opportunities to enhance the delivery of digital financial services for the unbanked and underserved. This solution assist young people and women to access digital financial services (DFS) that would enable them enhance financial inclusion and foster empowerment effectively. Dundiza give MSME owners the opportunity to grow and scale their businesses through their own savings, credit and investments. The goal of this solution is to democratize for the digital financial savings, microcredit and investment culture of people running MSME's. * https://dundiza.com

What is your profession?

I am a social entrepreneur and innovator with 9 years of experience in design thinking, business and community development and project management.

Where are you located (country)?

United Republic of Tanzania

Where are you located (region)?

  • Eastern Africa

What industry is your business/company in?

  • Customer Experience/Service

How many people does your business/company employ?

  • 0-10

How old is your business/company?

  • 1-2 years old

Which classification describes your organization/business?

  • Social Enterprise

What kind of stakeholders and partnerships are needed to pursue this solution?

  • Funding- Loans
  • Funding- Investment
  • Stakeholders/Partnerships- Private Sector

Do you need help building partnerships and finding partners?

  • Yes

If Yes to the above, please share 1-2 sentences describing the specific help you desire.

We need a strong mutual network that will help us grasp potential partners in improving social and economic inclusion to marginalized communities in Tanzania in a long-term goal through building trustworthiness and recommendation. We need thoughtful business development leaders and experts who assist us through the implementation and operations of the business in order to share the skills and experience with other entrepreneurs on strategies on building a business and validate its impact

What do you think are the main barriers to implementing this solution?

The lack of financial assistance or funding has slowed down the execution pace of the solution to help solve the society challenge because the social enterprise need available funds to put the product and market fit and operations in a sustainable manner. The second barrier is lack of business compliance and regulations that enable the solution to have eligible access and utilization of financial integrated system by the people who are unbanked and underserved in marginalized communities. The lack of awareness on the importance of digital finance to the marginalized communities in Tanzania as a way to adapt during and post Covid 19 world.

If you are currently working on a pivot, what have you learned so far?

We learnt the following so far; (a) How to pitch the business idea to the public especially towards investors and partners. We have learnt how to assembly a result-driven strategy, market and growth oriental as well as business concept (b) we learnt some strategies to grasp more customers towards the business solution through establishing mutual partnerships and networks with potential stakeholders as well creating media awareness to build a customer trustworthiness. (c) we learnt how business metrics including communication, fundraising, financial statements, business model and the cash cycle of the business solution are crucial aspects in leading a venture. (d) we learnt how to engage with both local and guest communities when it comes to seeking investment in the business. An outstanding solution is defined by market opportunity in order to attract 20 to 40% investment in the business. (e) responsible inclusive finance (RIF) that involves creating value for customers.

Are you aware of any open source efforts, hackathons or other collaborative efforts related to your solution? Are you participating in these efforts?

Yes, we are very aware of the existence of the business development opportunities and collaboration efforts related to financial inclusion and business development such as (a) 2020 Ecobank Fintech Challenge, (b) Antler (c) Catapult Africa: Financial Inclusion for All, (d) The Global Hackathon and other more opportunities. We are making the best effort to participate in different opportunities through assigning the team members to collaborate effectively in the participation efforts.

Website URL

https://dundiza.com

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Spam
Photo of Isaac Jumba
Team

Welcome to the challenge Reginald Victor Runyoro and team. Thank you for sharing what Dundiza is doing. I'm curious to learn more about the current pivot your venture is making and any roadblocks.

Spam
Photo of Reginald Victor Runyoro
Team

Greetings Isaac Jumba 

I hope that your very well and you keeping it fresh and safe against this pandemic disease. Thank you so much for showing interesting in our business solution - we hope we get the opportunity to participate in this amazing opportunity in order to easily execute the business plan in a sustainable manner. Please be specific - when you say your curious to learn more about the current pivot your venture is making an roadblocks. I am looking forward to hearing from you.Cheers