Mipango Mchezo is a mobile‑based platform that digitizes rotating savings and credit associations, allowing Tanzanian users to join multiple saving circles, contribute flexible amounts (TZS 1,000–500,000), and receive scheduled payouts directly to their bank or mobile‑money accounts. The app verifies identity via NIDA, requires two referees for trust, and ensures cycle continuity with automated slot filling, while funds are securely held by CRDB Bank and the product is certified Sharia‑compliant.
Funding
$200K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many individuals in Tanzania lack access to formal savings mechanisms that are affordable, flexible, and aligned with cultural or religious requirements, leading to difficulty in accumulating funds for personal goals, emergencies, or investments.
Solution
Mipango Mchezo is a mobile-based, digitized rotating savings and credit association (ROSCA) platform that lets users join multiple saving circles, contribute amounts ranging from TZS 1,000 to TZS 500,000, and receive scheduled payouts. The app verifies users via national ID and requires two referees to ensure trust, while contributions can be made through mobile money, bank transfers, or agents. Payouts are delivered directly to the user’s linked bank or mobile money account on the predetermined date, with the system automatically filling unassigned slots using bots to keep cycles on schedule. The service is hosted on a secure infrastructure backed by CRDB Bank and complies with Islamic Sharia principles, providing a protected and reliable savings environment.
Target Audience
Primary customers are unbanked or underbanked Tanzanian individuals seeking low‑cost, community‑based savings solutions, including those who require Sharia‑compliant financial products.
Features
- Mobile app (Android/iOS) with OTP‑based registration and NIDA identity verification.
- Flexible contribution limits (TZS 1,000–500,000 daily) and option to make advance payments.
- Multiple concurrent saving cycles per user, with up to three slots per cycle.
- Automated slot filling by system bots to ensure cycles start on time regardless of member enrollment.
- Direct payout to linked bank or mobile money accounts, with real‑time tracking of contributions and payouts.
- Sharia‑compliant product design certified by qualified Islamic scholars.
- Funds held securely with CRDB Bank, providing institutional protection and auditability.