Elenjical Solutions awarded the National Fintech Award Winner by NSBC
Entrepreneur Tinu Elenjical and his team of fintech specialists have been named the National Fintech Award Winner at the South African Small Business Awards 2020 for their ability to break through tough international competition while still helping communities in their home country.
Youthful optimism, a strong work ethic and above all a desire to do good within his community are the most notable traits that lie behind the success Tinu Elenjical has made of his financial IT services consultancy Elenjical Solutions. And it is precisely this ethical entrepreneurial force that has been hailed by Africa’s leading SME organization NSBC at its 12th annual awards ceremony in Johannesburg this month.
Named alongside other leading entrepreneurs from the world of business, Mr Elenjical was noted for his clear business vision, desire to boost local talent and his hard work, sacrifice and persistence in setting up his business eight years ago at the age of 28.
Mr Elenjical was not only granted a place among the Top 20 entrepreneurs in the country as part of the prestigious NSBC awards – which were celebrated virtually earlier this month – but he was also handed a Special Award for his notable efforts in the field of finance technology.
Mike Anderson, Founder and CEO of NSBC, said: “Growing small and medium businesses is vital to the local economy and its ever-growing rate of unemployment. This type of innovation and entrepreneurial spirit will undoubtedly cultivate a much healthier business landscape for all involved.”
Luck, need and hard work
Commenting on his success, Tinu Elenjical says: “Like many entrepreneurs, becoming one was a combination of happenstance, necessity and an underlying belief that I could create a company that would be as good as any in the international field I was targeting. And yet I also wanted it to be sensitive to the needs of the South African markets. I was also youthful enough not to fully appreciate the risks I was taking, and optimistic enough not to care. It took bravery to leave a well-paying job working for a large UK-based IT consultancy, but once I committed to the move the only direction I looked – and still look – is to the future.
“I also believe that to be a good entrepreneur you should give back to society, providing employment opportunities wherever possible and being socially responsible in sharing prosperity.”
But he could not have achieved all this success alone. Elenjical Solutions is South Africa’s largest IT advisor on the dominant trading platform Murex, and has seen the hard work of all its employees paid off with revenues doubling year-on-year for the past four years – all this despite the impact of the Covid-19 pandemic and strict lockdowns.
Born in Kenya to Indian parents, Tinu Sabu Elenjical came to South Africa when he was five. He grew up in a small town called Kokstad, on the border of KwaZulu Natal and Eastern Cape, where his parents worked as teachers in rural Eastern Cape. This upbringing has underscored his desire to support communities who have been severely affected by the economic fallout of Covid-19. The company has provided funds to Bok skipper Siya Kolisi’s Foundation, providing medical staff treating Covid-19 patients with appropriate personal protective equipment, and donated to food banks to help support the hungry and destitute in the community.
While his company is celebrating boosted revenues this year thanks to its work lessening the disruption the pandemic has had on the global banking community, the growth of his business has not been an easy ride. Mr Elenjical adds: “At the beginning it was hard to establish Elenjical Solutions as a credible alternative to the established large European competitors. But by starting small and building client confidence in our abilities, over time and with patience even the biggest banking and finance houses have come to appreciate our skills.”