Five Zambia-based fintech startups have been selected to join the FinTech4U Accelerator Programme in January 2020. The five were selected out of the 35 startups that has submitted their applications for the first cohort and will receive funding up to $3000 to pilot and improve their products in Zambia.
“We received an astounding number of applications and were blown away by the incredible work happening across the country.” John Zgambo, FinTech4U project manager at BongoHive, said.
The five selected startups are:
- SafePay Zambia – Offers a platform that protects subscribers through prepayment (savings) and pooling of resources (insurance) for access to good quality healthcare.
- Digital PayGo – Is a shared platform for mobile merchant payment systems (QR code) and agent banking. The shared platform will provide shared agent banking and QR code solutions with an open API technology for faster integrations and other back end processing capabilities.
- Aretech – Offers a service called Bwino that gives clients access to medical schemes and credit for healthcare.
- EduPay – Provides a service that provides access to affordable, flexible and convenient credit known as Edu-Loans that are conveniently managed either from a mobile phone or computer.
- Virtual Space – Offers Mangwee Payments that is a safe and secure electronic wallet service, available in many parts of Zambia through a network of outlets and agents.
The FinTech4U Accelerator Programme was launched via a partnership between the United Nations Capital Development Fund (UNCDF) and Lusaka-based incubator BongoHive. It was initiated in response to a series of challenges that fintechs and small-medium enterprises (SMEs) face when entering the market. By working with these fintechs, UNCDF and BongoHive aim to bring a more developed suite of digital financial products to the market and improve the services available to Zambian customers in urban and rural locations.
“The number and variety in the applications reaffirmed my belief that Africa is the new ground zero with innovation and technology. Zambian FinTechs are thinking of innovative ways to provide services and products which are able to address the needs of normally marginalised Zambians, rural population, women, youth e.t.c., and it’s very exciting.” Kilyelani Kanjo, UNCDF digital financial services expert, said.
The selected startups will also receive technical assistance and support from BongoHive, UNCDF and regulators such as Bank of Zambia, the Securities and Exchange Commission and Zambia Information Technology and Communication Authority through structured sessions until they graduate from the program in April.
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