Airpay, the fast-growing integrated financial services platform, expects a 30 percent revenue share of its strategic overseas play by 2025.
The move follows its entry into the African and Middle Eastern markets.
The company recently entered Tanzania through a formal engagement with the Office of Labour, Economy and Investment of the President of the Ministry of State in Zanzibar. airpay intends to contribute to the government’s Zanzibar Vision 2050 by raising awareness of the digital payments ecosystem and empowering merchants and customers through its integrated offerings.
Also read: airpay will hire more than 100 to expand its business
Kunal Jhunjhunwala, founder and CEO of airpay, said the company is proud to bring Made in India technology to the world by formally entering Tanzania.
Given its untapped economic potential, demographic factors, mineral reserves and proximity to major developed countries, the company believes the future belongs to Africa, he said.
“As a strategic partner, we would enable the government to transform its digitally inclusive payment goals into a digital-first financial services ecosystem,” he added.
Mudrik R Soraga, Minister for Labour, Economic Affairs and Investment, Offices of the State President, said that Zanzibar as a government is delighted with the vision that airpay, together with its local partner Twigalpha, has for Africa as a whole.
This initiative strengthens the government’s belief in attracting leading technology companies to build modern digital hubs in Zanzibar that will be a catalytic force for Africa’s technological innovation and transformation, he added.