BongoHive and UNCDF are pleased to announce the names of the ten FinTechs that will be taking part in the new sophomore class of the FinTech4U Accelerator Programme. These FinTechs went through a rigorous application and interview process, and recently kicked off the programme with an introductory session in September.

Like the first cohort of the Accelerator Programme, these FinTechs will meet over a period of three months, receiving technical assistance and support from BongoHive, UNCDF and regulators such as the Bank of Zambia, the Securities and Exchange Commission and Zambia Information Technology and Communication Authority. The three-month programme will culminate in a ‘Demo Day’ where the entrepreneurs will pitch their businesses to a panel of judges. The three best-performing start-ups will receive funding of up to $5000 to pilot and improve their product for the Zambian market and beyond.

At the launch event of the sophomore class, BongoHive co-founder and Director of Entrepreneurship, Simunza Muyangana, spoke of the reason behind FinTech4U. “This opportunity speaks to entrepreneurs that seek to leverage technology that meet demands and involves people previously excluded from using these services. In FinTech4U, we ask the entrepreneurs to think around leveraging financial services to make sure that every Zambian does have access to financial services.”

FinTech that offers products or services that help solve challenges for Zambians.

In addition, UNCDF Data and Human Centred Design Specialist Brian Katimbo said, “For the FinTechs joining the programme is an opportunity that ensures their services are prepared to thrive during the digital era and meet the needs of under-served Zambians. As Zambia’s digital economy grows, we look forward to more FinTechs solving challenges for Zambians and enabling them to participate in the digital economy.”

Brad McGrath, co-founder of Zoona, who also attended the virtual event, shared his experiences with the start-up entrepreneurs and encouraged them to take advantage of the training, mentorship and access to an ecosystem that the Accelerator Programme had to offer. Mr McGrath noted the impressive profile of this second cohort of start-up businesses.

FinTech that offers products or services that help solve challenges for Zambians.

Below are the ten FinTechs that were selected after reviewing fifty-six applications and interviewing twenty-one candidates.

• Onyx Connect Zambia Limited offers a pay-as-you-go scheme that enables low income earners to access/purchase bicycles, smartphones and solar lights at affordable prices.
• Ekamo Wallet is a digital wallet integrated with a digital shared market platform.
• Moti Solutions for Africa is a digitally managed group savings and lending product that aims to simplify access to finance through financial inclusion and literacy.
• AlomoSystems is a loan, money lending financial service business management platform for small and large-scale financial institutions.
• Paykesho is an electronic wallet that enables customers to pay for goods and services using their smartphones.
• Premier Credit offers affordable financial solutions including access to credit. 
• Soqo Payments is a payments platform that will enable its users to access money anytime, anywhere.
• VillageSavers Technologies Ltd helps village banking groups digitise their financial transactions through an easy to use and easy to access automated digital system.
• Progtech Zambia operate a cloud-based loan management platform called Loanegyzer that helps micro and small lenders lend easily through automation.
• DV Technology Innovations Ltd focuses on developing technology solutions for various sectors such as banks, insurance and travel companies. The company has taken a new approach of developing technology solutions for social capital.

Similar to the companies that participated in the first cohort, these start-ups have shown their potential to improve financial inclusion among under-served customers such as rural populations, youth and women. UNCDF and BongoHive partnered to launch FinTech4U to provide such companies with a range of skills and resources to further improve their businesses. 

To learn more about the FinTech4U Accelerator Programme, visit the website: www.fintech4u.co.zm