The MTN Entrepreneurship Challenge was born out of the desire to contribute to building a stronger and more sustainable business environment in Africa and to boost the entrepreneurial spirit of Africa. It is the first of its kind Pan-African challenge that invited teams from across the continent to compete for over $75 000 in prizes, including investment, cash and in-kind awards. The teams were given an opportunity to meet and network with early stage investors, experienced business professionals and successful entrepreneurs who will serve as judges.
The main criteria that are evaluated comprise: Fit to African Market; Operational Feasibility; Innovation and Financials focusing on sustainable and responsible digital solutions for the African market.
The Tanzanian team has excelled its way to being one of the 3 finalist teams, outcompeting 700 other entrepreneurs from 26 countries. Comprising of two members, Justice Donatus and Sofia Mwaliza, famously known as the ‘Vicoba Team’, they have now arrived in Cape Town, South Africa to present their idea at the final of the MTN Entrepreneurship Challenge powered by Jumia Festival. Vicoba (Village Community Banks) are an important and quite common instrument of development work that allows people who do not have access to conventional banks, to access informal investment groups. The Tanzanian team developed an App that creates a collaborative platform that includes existing tools for financial and task management in a way that is adapted for the African market.
Justice and Sofia were provided an opportunity to have an incubation session with Country Manager from HelloFood Tanzania – Nina Holmes and Country Manager from Jumia and Kaymu Tanzania, Lauritz Elmshäuser, to discuss further their project and prepare them for the final presentation in Cape Town.