Eleving Group Expands into Tanzanian Market

Eleving Group, a globally recognized financial technology company, has received an operating license from the Central Bank of Tanzania. This marks the start of its operations in Dar es Salaam, offering motorcycle financing. The move taps into Tanzania's burgeoning urban mobility landscape, characterized by the rising use of motorcycle taxis.

With over 68 million residents, Tanzania's urban centers rely heavily on motorcycle taxis, a segment already exceeding one million vehicles. Eleving Group's CEO, Modestas Sudnius, emphasized their goal to support self-employment and foster job creation. Drawing from experiences in Kenya and Uganda, the company aims for cautious yet strategic growth across Tanzania's major cities within two years.

In early 2025, the group's loan portfolio reached EUR 375.3 million, with 34% stemming from Africa. They provide financing for vehicles and consumer goods, including smartphones. Established in 2012, Eleving Group operates in 17 countries, listed on Frankfurt and Riga stock exchanges.