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Payd, an innovative FinTech, is revolutionizing how freelancers manage their finances by simplifying payments and record-keeping. 40 Days 40 FinTechs initiative Tanzania Day 38

Written by on January 24, 2024

Japheth and Benaiah, both seasoned freelancers, had firsthand experience with the challenges of managing payments and records. Even though they would execute their work professionally and diligently, their payments and record-keeping were a mess. ‘Frustrated by the limitations of existing payment solutions, they set out on a mission to create something truly remarkable.’ They created Payd; a digitized platform aimed at addressing specific payment needs of freelancers, creatives, small businesses and entrepreneurs. On Day 38 of the 40 Days 40 FinTechs initiative for Tanzania, we had a detailed chat with Japheth Achimba, the Director of Chaos at Payd. We now bring you the Payd story as told by Japheth Achimba. HiPipo: For those hearing it for the first time, what is Payd? Why should the market be interested? Japheth Achimba:  Paid is a financial management platform for freelancers and creatives across Africa. We enable them to receive their funds and manage them. This works by us providing them with a platform where they can create custom no-code payment pages, and automate invoices and receipts, and they are also provided with AI-powered analytics on how to manage their finances. They can also generate payment links and QR codes. HiPipo: How does Payd work? Japheth Achimba: Payd users enjoy all that the platform offers through very simple steps. When one comes on the platform, s/he is prompted to create a Payd wallet. After creating this Payd wallet, you are given a unique username. With the unique username, you will be provided a payment link and now you will find all the other features available on the wallet. HiPipo: What market problem does Payd solve? Japheth Achimba: We are solving the problem of freelancers finding it hard to manage their finances by making it easier for them to know how much they have earned and fully account for that money. At Payd, we usually say that we are trying to make the money that Freelancers earn work for them.  So, through that process of providing them with data and advising them on what they earned or made, we are making it easy for them to manage their finances. Available statistics show that there are over 86 million Freelancers across Africa. So, if we can empower a huge number of those guys to be able to know how to manage their finances and how to spend it, it will have a great impact on them and the entire continent. You can imagine if we are able now to enable them, to get paid and receive their money instantly, it will be of great impact to them. The worry of delayed or no payments will not be there. I don’t want to go into mentioning names, but most of the platforms available for Freelancers are chaotic and that is what we came to solve. HiPipo: How has the market received you? Any challenges? Japheth Achimba:  With the rollout of our first version, which is now three months old, we have received good traction. We already have 1464 active users from our waitlist of freelancers we had. So, I can say so far so good. The adoption is kind of easy maybe where I can see challenges is around regulation. We are already in Kenya and Tanzania but aim to expand to more markets. HiPipo: Your views about 40 Days 40 FinTechs. Japheth Achimba:  The 40 Days 40 FinTechs platform is an enabler for the innovators because it gives innovators exposure and a chance to shine through sharing their work. It also brings technology stakeholders together to discuss matters affecting the industry and learn from one another. This platform gives us insights to grow. Include EveryOne Program. First implemented in Uganda, 40 Days 40 FinTechs is an annual FinTech Innovation initiative presented by HiPipo to recognize and celebrate individuals and organizations who are making significant strides in promoting financial inclusivity through the use of technology. It is aimed at promoting innovation and collaboration among FinTechs in Africa. The initiative is designed to provide FinTechs and startups with mentorship, training, exposure, and networking opportunities to help them grow and scale their businesses. 40 Days 40 FinTechs initiative Tanzania is part of HiPipo’s broader Include EveryOne Program that is generously supported by the Gates Foundation and implemented in partnership with Level One Project, ICTC Tanzania, Ideation Corner, Cyber PLC Academy, INFITX, Crosslake Technologies, NG Films, Founders Academy and Mojaloop Foundation. The Include EveryOne program is a beacon of acceleration of FinTech Innovation, empowerment for Women in FinTech and a catalyst for investment and development in the ICT sector. Minus 40 Days 40 FinTechs, other initiatives under the Include EveryOne Program are the FinTech Landscape Exhibition, Women in FinTech Hackathon, Summit and Incubator, Digital Impact Awards Africa and the Digital and Financial Inclusion Summit. HiPipo is recognized as a premier advocate of digital Innovation and financial inclusion champion, a fervent proponent of the #LevelOneProject. HiPipo has been at the forefront, actively promoting digital innovation, Instant, Inclusive Payment Systems (IIPS), and DFS across Africa. With a legacy of advising, mobilizing, and facilitating the adoption of inclusive financial services, HiPipo’s efforts have been nothing short of transformative! For almost two decades, HiPipo has successfully facilitated the inclusive adoption of these crucial services.

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