Tanzania embarked on financial liberalization in 1992 in order to sustain its economic growth. This has been done by mobilizing financial resources, increasing competition in the financial market and enhancing quality and efficiency in credit allocation. As a result, the sector has been booming, particularly during the last few years.
As a result of the liberalization, the banking sector in Tanzania has been booming, particularly over the last few years and new merchant banks, commercial banks, bureaus de change, credit bureaus and other financial institutions have entered the market.
With a total of 56 licensed banks and other non-banking financial institutions, which are not allowed to open current accounts, the market is characterized by a few big players and several small banks, and increasing competition.
Dutch-African mobile health payments firm CarePay International has raised USD 45 Million growth capital to expand its mobile platform beyond Kenya into Nigeria and Tanzania.
Through mobile phones, CarePay International connects health payers to millions of people in Africa who are currently excluded from access to affordable, quality healthcare services
CarePay allows patients, payers and healthcare providers to send, receive and pay healthcare funds to each other quickly and at a minimal cost.
CarePay International launched its mobile health payments platform in late 2016 in Kenya in partnership with Safaricom, the operator of mobile money service M-PESA.
In the past 2 years, CarePay’s platform has connected 4 million lives and 1,200 healthcare providers in Kenya and Nigeria.
This round of financing saw participation from a mix of investors that include Dutch private equity funds IFHA-II and impact investor ELMA Investments, as well as the Dutch Ministry of Foreign Affairs that invested through the PharmAccess Group.