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Monday, May 10, 2021

Absa Bank Tanzania co-sponsors FinTech & HealthTech youth entrepreneurs in the inaugural Wazo Challenge Tanzania Demo Day


Absa Bank Tanzania announced youth entrepreneurial winners of the Wazo Challenge Tanzania Demo Day. The program was managed and organized by Startup Réseau; an India-headquartered startup accelerator which kick-started its East Africa expansion with the inaugural edition of the "Wazo Challenge Tanzania", announced in February 2021.

Wazo Challenge Tanzania focussed on 5 thematic areas - Financial Services, Healthcare, Agriculture, Energy / Utility and Education. As a part of the program, Startup Réseau hosted a Venture Bootcamp, wherein 10 high-potential founders were selected for a 4-week venture mentorship and leadership development bootcamp, that was delivered by successful founders, industry leaders, domain experts and investors from Startup Réseau’s global network. The Venture Bootcamp also had a parallel track of “Office Hours” wherein 15 more startups from the application pool were mentored.

This one-month long venture development bootcamp operated from March - April 2021 having winners compete for a cash grant of USD 10,000 determined by the stage of startups, the founders’ vision, uniqueness, market opportunities and clarity of business model. The grant money was disbursed as Top-3 prizes of USD 5,000 (Kikoba App), USD 3,000 (Mipango App) and USD 2,000 (MedPack)

Awarding the winners during the Demo day event, the bank’s Managing Director, Abdi Mohamed said, “Wazo Challenge Tanzania was based on 12 startups selected from an application pool of 150 startups which focused on 5 themes. Absa being the co-sponsor saw the need to support youth with innovative ideas which are also aimed at impacting communities and bringing people’s possibilities to life, and this at Absa we say is Africanacity”.

Mr. Mohamed also added by saying that Absa Bank has a major role of being a force for good to the community and ensures that youth are highly supported considering there is a bright future instore for them and their daring spirit of making a business idea into reality marks ‘the dream come true’ for entrepreneurial footsteps in the business world.

Our bank plays a big role in supporting enterprise development in the country and we ensure this impact flows down to the communities as we play a major role in the society by being a force for good. These youth will again set footprints in the business world as they aspire to not only expand from being just startups but to improving economies and adding value to the society” commented the bank’s Head of Marketing and Corporate Relations, Aron Luhanga.

Mr. Luhanga also said that the bank maintains a strong relationship with organizations such as Startup Reseau with purpose of bringing change to the communities and providing support to the ongoing efforts the government still plays in developing the country from empowering youth to refining the economy.

Mr. Mohamed concluded by saying that Absa is a key role player in advancing several sectors in the country some of them being education, entrepreneurship, financial literacy, environment and social wellbeing. The bank ensures that every society investment is aligned with strengthening our relationship with the organizations, community and the government at large.


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