.I think it was partly due to a chance that we eventually built Taran DM because it was at the beginning of 2020 and we had two interesting projects. So it was like a lot of potential and one of them was a decision management platform, like some customised one with scorecards for a new fintech. And the other one was a platform for a large German automotive company, which was supposed to optimise their supply chain. Middle of February we were flying to the German company, to the exporter. And we had a really good session with the management team, getting a lot of ideas on how to move it further. We were super excited about it, but as I said, like it was February 2020.

So when COVID was spreading within a few weeks, those guys stopped answering our emails and then we got back to them later, they said sorry, but our supply chains have gone haywire because of Covid, we cannot do anything a few months or maybe even a few years!

So that project got killed. And then we ended up with the other second big project, which honestly was, I think, a better fit for us because most of the team was coming from the finance, we had like the experience with infrastructures doing like real time decisions, whether it was credit risk, whether it was the high frequency trading was a large part of the team came from actual credit risk teams that may have been using the tools such as FICO Blaze or Experian Power Curve. We know the the strong points, the weak points, so big up to the I would say drawing board and we thought maybe there is like a market opportunity here or let's you know, let's basically build something.

Whereby from the report we see that 7.5 million people in Tanzania do have bank accounts. And with the presence of mobile money operators, we have 24.4 million mobile money wallets currently opened by these telcos talking into the lending space.

In particular, the banks still dominate the biggest share in terms of value, but the market has seen a new narrative of digital loans, which is mostly dominated by MMOs and fintech players through their micro lending services, which still requires banks collaborations by funding for regulatory approval, as well as managing the provision side with the help of the FinTech players will bring onto the table, the scoring and big data capabilities.

So if you were to think of some of these African countries and then go into Rwanda, you will understand that the credit growth and maturity is fairly new outside of South Africa, most of these African countries had predominantly been cash-driven markets, it's not to say there wouldn't have been a form of lending or products that would have been there. But if you think of the South African credit market or maturity curve, you know, retail, for instance, people go and buy clothes on credit, you have never seen that in any of the African markets, they get a shock to hear that you buy clothes on credit. So there's still a lot of whitespace, there's still a lot of opportunities for better products to come into play. So personal loans have predominantly been the default lending product that we've seen in the market across all the financial institutions in Rwanda.

But now mortgage, your typical mortgage, right? It's starting to emerge as a product, that historically people would probably just get a personal loan and go buy a plot of land and try to, you know, use their own income to build a house for themselves. What you have started to see off the lead is vehicle financing starting to come up in Rwanda. I'm not sure how close you are to the VW project that kicked off, I think, a couple of years back where they had a factory and wonder and assembling factory and wonder, because outside of South Africa, maybe with the exception of Botswana and Namibia, most of these countries do a lot of great imports. Right? So you find a lot of Japanese cars out here, right? So with that said, vehicle finance, the process of it has been much of a challenge because the bank doesn't know the vehicle, they're financing, they don't have confidence on the quality of the vehicle, right?

So that's why we work with Airtel to say, let's bridge this gap. Let's try to be the boundary between the lenders and the borrowers. And the only way you can do that is having standardised credit score.

So Airtel provides all the transactions when you buy airtime on your phone, when you buy data, pay a bill, you know, that information tells us probably you have some responsibility in your house, you're moving around, probably you have some kind of mobility, are you having so many people different one sending to you, tells you you're making sales.

But if you're just receiving from one person, we can can infer probably your law student getting some update from the parents.