Dar es Salaam. At the height of the Covid-19 pandemic in 2020, Said Juma and Mohammed Awami seized the global slowdown to establish Settlo, a fintech company revolutionising how Small and Medium-Sized Enterprises (SMEs) operate in Tanzania.
The two innovators initially envisioned Settlo as a platform to facilitate SME payment settlements. Over time, the company expanded its offerings to include software and hardware solutions like Point of Sale (POS) systems, payment solutions, and online stores.
Said recalls their late-night brainstorming sessions in bars and restaurants, shaping Settlo’s vision.
Funding was not Settlo’s biggest hurdle, but the structure of startup financing in Tanzania presented challenges. Said explains that funding typically takes two to three years to materialize, a timeline too lengthy for many startups.
Despite three years of bootstrapping, Settlo managed to survive by maintaining a lean team. A pivotal $5,000 grant from United Nations Capital Development Fund (UNCDF) PesaTech Accelerator program helped propel their business forward and introduced them to potential equity investors.
The division of roles was crucial to Settlo’s early success. Said, a skilled full-stack software developer, focused on technology, while Mohammed led the business operations until his departure in September 2024.
To scale further and ensure the smooth running of its operations, Settlo recognized the need for enhanced operational oversight. This led to the strategic decision to bring on board a General Manager to provide strong leadership and guidance.
In February 2024, the company brought in Christian Sarikie, a business development expert, as General Manager to oversee operations and guide long-term strategy.
“Our mission is to empower businesses to effectively track transactions, manage inventory, streamline workflows, and set critical alerts and notifications for key individuals, such as absentee business owners. We provide comprehensive reports—both general snapshots and detailed, customized insights—to support informed decision-making,” says Sarikie
“Additionally, our platform enables businesses to run targeted promotions, reward loyal customers, and enhance customer retention. Through our e-commerce solutions, we help small businesses expand their reach while facilitating multiple payment methods.”
In August 2024, Settlo hired Peter Karanja as Chief Technology Officer (CTO) to drive product expansion. “We are currently focused on enhancing the product by adding new features and are gearing up to launch an upgraded version soon,” says Karanja.
Transforming SMEs with tailored solutions
Settlo’s journey from serving single coffee shop owners to supporting thousands of SMEs highlights its guarantee to addressing user pain points with tailored solutions. The company’s tools streamline financial transactions, improve record-keeping, and enhance productivity, making it easier for businesses to thrive in competitive markets.
“Our customers provide invaluable insights that inform our product features,” Sarikie says.
“This allows us to design solutions tailored to user needs, enabling us to propel financial technology forward for underserved businesses.”
Operating in Tanzania’s evolving fintech landscape presents challenges, including market saturation, low tech literacy, and infrastructure gaps. Sarikie points out the influx of substandard solutions flooding the market, leading to poor user experiences and mistrust of high-quality offerings like Settlo.
“Tech literacy is another issue,” Sarikie adds. “Many business owners still trust pen and paper over digital solutions. To address this, we educate them on how technology can improve their operations.”
On building a more progressive ecosystem, Settlo collaborates with other industry players such as banks to offer financial assistance and streamline payment processes for SMEs.
“Rather than competing with banks, we share our customer database with them. They conduct credit scoring and provide loans,” explains Said.
Settlo also emphasizes collaboration over competition. “Our approach is not to compete against others but to build better with others in the sector,” Sarikie adds.
The status of startup funding
Looking at the wider ecosystem, Tanzania’s startup funding landscape is still in its early stages, though it has shown gradual growth in recent years. According to Africa: The Big Deal, Tanzania ranked second in sub-Saharan Africa in the third quarter of 2024, attracting $43 million in funding. However, a significant portion of this funding went to a single fintech, with nearly 100 percent originating from foreign investors.
“Settlo is one of the few startups backed by local equity investors who are committed to the long term. Their focus goes beyond immediate revenue generation to ensuring we design and build sustainable, scalable products and an enduring institution. They emphasize the importance of creating solutions that can withstand the test of time, expand features, and serve clients across diverse geographies and jurisdictions,” says Sarikie.
“This perspective challenges us to consistently deliver the best in the FinTech space. We approach the future with excitement and optimism, driven by our capability, agility, and passion for innovation, as we aim to lead the disruption in the FinTech sector in Tanzania and beyond.”
It is the loyal customer base and strong local equity investors who prioritize sustainable, long-term success over quick returns that have bolstered Settlo’s growth.
The company’s focus on innovation, customer feedback, and a dedicated team keeps it poised for continued expansion.
“We look to the future with excitement and optimism,” Sarikie says. “Our capability, agility, and passion for innovation drive us to disrupt the fintech space in Tanzania and beyond.”
Settlo’s co-founder, Said, approaches the company’s expansion with caution. He highlights that the biggest challenge the fintech currently faces is managing the growing influx of customers while maintaining the same high standards of service delivery.
As Tanzania’s fintech space continues to evolve, disruptive innovations such as Settlo provide room for collaborative efforts with other players in established key industries such as banking and telecom, helping improve customer experience, foster partnerships, and streamline business operations.
Share this news
This Year's Most Read News Stories
Huduma Zimezorota Hospitali Ya Rufaa Mnazi Mmoja Zanzibar
Huduma katika Hospitali ya Rufaa ya Mnazi Mmoja Zanzibar zimezidi kuzorota huku wananchi wengi wakilalamikia uongozi wa Hospitali hiyo na watendaji wake.Continue Reading
President Samia takes on Tanzania’s web of corruption
The President takes on the web of corruption in the Tanzanian government and quasi-government institutions flagged by the newest report by Controller & Auditor-General Charles Kichere. Continue Reading
Tanzania Declares End of Marburg Virus Disease Outbreak
Tanzania today declared the end of Marburg virus disease outbreak after recording no new cases over 42 days since the death of the last confirmed case on 28 January 2025.
The outbreak, in which two confirmed and eight probable cases were recorded (all deceased), was the second the country has experienced. Both this outbreak, which was declared on 20 January 2025, and the one in 2023 occurred in the north-eastern Kagera region.
In response to the latest outbreak, Tanzania’s health authorities set up coordination and response systems, with support from World Health Organization (WHO) and partners, at the national and regional levels and reinforced control measures to swiftly detect cases, enhance clinical care, infection prevention as well as strengthen collaboration with communities to raise awareness and help curb further spread of the virus.
Growing expertise in public health emergency response in the African region has been crucial in mounting effective outbreak control measures. Drawing on experience from the response to the 2023 Marburg virus disease outbreak, WHO worked closely with Tanzanian health authorities to rapidly scale up key measures such as disease surveillance and trained more than 1000 frontline health workers in contact tracing, clinical care and public health risk communication. The Organization also delivered over five tonnes of essential medical supplies and equipment.
“The dedication of frontline health workers and the efforts of the national authorities and our partners have paid off,” said Dr Charles Sagoe-Moses, WHO Representative in Tanzania. “While the outbreak has been declared over, we remain vigilant to respond swiftly if any cases are detected and are supporting ongoing efforts to provide psychosocial care to families affected by the outbreak.”
Building on the momentum during the acute phase of the outbreak response, measures have been put in place to reinforce the capacity of local health facilities to respond to potential future outbreaks. WHO and partners are procuring additional laboratory supplies and other equipment for disease detection and surveillance and other critical services.
Marburg virus disease is highly virulent and causes haemorrhagic fever. It belongs to the same family as the virus that causes Ebola virus disease. Illness caused by Marburg virus begins abruptly. Patients present with high fever, severe headache and severe malaise. They may develop severe haemorrhagic symptoms within seven days.
In the African region, previous outbreaks and sporadic cases have been reported in Angola, the Democratic Republic of the Congo, Ghana, Kenya, Equatorial Guinea, Rwanda, South Africa and Uganda.
Source: allafrica.com
