EQS-News: Eleving Group launches operations in Tanzania

Eleving Group, an international financial technology company listed on the Frankfurt and Riga stock exchanges, has obtained an operating license from the Central Bank of Tanzania and begun its operations in this market. In October this year, the company opened its first branch in the Tanzanian city of Dar es Salaam, offering customers financing for motorcycle purchases.

“Tanzania with a population of over 68 million and one of the most developed capitals in Africa has a transportation system where motorcycle taxis and cargo bikes are on the rise, playing a crucial role in urban mobility and economic activity. The motorcycle taxi segment already exceeds one million vehicles and continues to grow rapidly, with many riders seeking to upgrade their vehicles. Therefore, we have launched our operations in Tanzania, offering motorcycle financing—a product segment in which we have extensive experience from Kenya and Uganda. Through motorcycle financing, we aim to support self-employment and contribute to job creation in Tanzania,” says Eleving Group CEO Modestas Sudnius.

Eleving Group is running its operations in Tanzania by utilizing its experience in other African markets, while at the same time maintaining a cautious approach to business development. The company plans to gradually expand its sales channels and, within the next 24 months, extend its presence into the country’s other major cities.

In the first six months of 2025, Eleving Group’s total loan portfolio amounted to EUR 375.3 million, with 34% of that generated by the African market. In Africa, Eleving Group offers financing for vehicles (motorcycles, electric motorcycles, and cars) and smartphones, as well as consumer loans.

About Eleving Group

Eleving Group is a publicly listed international financial technology company founded in 2012. Today, the group operates in 17 countries across three continents, providing vehicle and consumer financing services. Since its founding, Eleving Group has served more than 1.4 million registered users. The group employs over 3,200 people. The company’s headquarters are located in Riga, Latvia.

Since 16 October 2024, Eleving Group’s shares have been listed on both the Nasdaq Baltic Official List and the Frankfurt Stock Exchange Prime Standard.

Additional information:
Elīna Dobulāne
Group’s Chief Corporate Affairs Officer, Eleving Group
[email protected] | +371 25959447