Airpay, an India-based integrated financial services platform, announced its aggressive overseas growth plans, riding on its strategic entry into Africa and the Middle East.
The company expects a revenue share of 30% from its strategic overseas play by 2025.
The company recently forayed into the United Republic of Tanzania through a formal engagement with the Ministry of State President’s Office of Labour, Economics and Investment in Zanzibar.
Airpay intends to contribute to the Government’s ambitious Zanzibar Vision 2050 by creating awareness about the digital payments ecosystem and empowering merchants and customers through its integrated offerings.
The founder of Airpay, Kunal Jhunjhunwala, also met the Zanzibar President at the State House in Zanzibar concluding a week-long visit.
Speaking about the development, Kunal Jhunjhunwala, Founder and Managing Director, Airpay, said, “We are proud to take our Made in India technology to the world by formally entering the United Republic of Tanzania. I want to thank the Revolutionary Government of Zanzibar for their support and trust in our capabilities as a long-term digital-first financial empowerment ecosystem provider.”
“Given its huge untapped economic potential, demographic factors, mineral reserves, and proximity to the major developed countries, we believe the future belongs to Africa. As a strategic partner, we would enable the Government to transform its digitally inclusive payment goals into a digital-first financial services ecosystem,” Jhunjhunwala added.
Airpay participated in a three-day seminar organized at historic Stone Town. The event focused on the value proposition of omnichannel digital commerce and witnessed participation from the vibrant business community, government officials, regulators, and policymakers from Zanzibar and India. It was the first event hosted overseas by airpay.
Speaking during the inaugural seminar, Mr. Mudrik R. Soraga, Minister of State President’s Offices Labour, Economic Affairs and Investment said, “This initiative fortifies the government’s belief and leadership of His Excellency President of the Revolutionary Government of Zanzibar, Dr. Hussein Mwinyi, to attract world-class technology companies to build a world-class digital hub in Zanzibar that will be a catalytic force for technological innovation and transformation for Africa. As Silicon Zanzibar takes shape, I would like to welcome airpay into that digital race. I am pleased to witness this digital revolution on our beloved Island.”
As per the United Nations Secretary General’s Special Advocate for Inclusive Finance for Development (UNSGSA), Tanzania has improved significantly in financial inclusion over the last decade. As per the 2021 World Bank Global Index, the number of financially included adults (aged 15+) increased substantially to 52% in 2021 from 17% in 2011.
However, 48% of adults in the country are still excluded from formal financial services – including a gender gap of 13 percentage points. This paves a perfect opportunity for airpay to deploy its technology in this East African nation.