Out of the 35 Fintech startup that submitted applications to the Fintech 4U cohort, only five Zambian fintech startups have been selected. The selected five will be part of the first cohort to receive funding up to $3000 to pilot and improve their products for the Zambian market and beyond.
Launched via a partnership between the United Nations Capital Development Fund (UNCDF) and Lusaka-based incubator BongoHive, the FinTech4U Accelerator Programme is aimed at Zambian fintech startups that are fewer than three years old and have the potential to scale significantly and boost financial inclusion.
The six month programme will be broken into a three months each; the first half will be dedicated to help the startups scale significantly, while the second half will be for business support – they will receive technical assistance from BongoHive, UNCDF and regulators such as Bank of Zambia, the Securities and Exchange Commission and Zambia Information Technology and Communication Authority.
The startups will receive assistance in areas such as legal and accounting in a bid to help them grow and provide more people with access to financial services.
The Five Zambian startups to be part of the programme include:
SafePay : is a platform that protects subscribers through prepayment (savings) and pooling of resources (insurance) for access to good quality healthcare.
Digital PayGo: offers 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: offers 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.