MICROCAPITAL BRIEF: 10 Fintech Startups in Zambia Join FinTech4U Accelerator from BongoHive, UNCDF

The UN Capital Development Fund (UNCDF) and BongoHive, a Zambia-based provider of technology consulting, co-working space and other support to entrepreneurs, recently selected 10 financial technology (fintech) startups for the second iteration of the FinTech4U Accelerator Programme. “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,” said Brian Katimbo, data and human-centred design specialist for UNCDF.

FinTech4U participants gain access to a three-month program of training and mentorship, and the top three performers will win up to USD 5,000 for their businesses. As part of the program, the Bank of Zambia, the nation’s Securities and Exchange Commission and the Zambia Information Technology and Communication Authority will provide technical assistance and regulatory guidance on increasing the financial inclusion of underrepresented groups such as women, youth and rural populations.

The participating firms are: AlomoSystems, DV Technology Innovations, Ekamo Wallet, Moti Solutions for Africa, Onyx Connect Zambia, Paykesho, Premier Credit, Soqo Payments, Progtech Zambia and VillageSavers Technologies. Founded in 2018, Onyx Connect provides environmentally conscious transportation solutions for low-income earners. VillageSavers provides financial management tools to village banking groups, investors, and small and medium-sized enterprises (SMEs). The other members of the cohort are described at https://www.uncdf.org/article/6136/ten-fintechs-join-the-sophomore-class-of-the-fintech4u-accelerator-programme-in-zambia.

Founded in 2011, BongoHive is a “technology and innovation hub” aimed at supporting entrepreneurial growth in Zambia and nearby countries. Its services include webinars, workshops, office space and software development services. BongoHive has supported a total of 1,300 startups.

Established in 1966 by the UN General Assembly, UNCDF works closely with the UN Development Programme. UNCDF endeavors to create opportunities for poor people and their businesses by increasing access to microfinance and other forms of investment capital. The organization operates in 40 countries in Africa and Asia with a particular commitment to countries emerging from crises. During 2019, UNCDF had a budget of USD 63 million and supported initiatives providing financial services to 3 million unbanked and underbanked clients.

By Romil Pandey, Research Associate

Sources and Additional Resources

UNCDF press release
https://www.uncdf.org/article/6136/ten-fintechs-join-the-sophomore-class-of-the-fintech4u-accelerator-programme-in-zambia

FinTech4U homepage
https://fintech4u.co.zm/

Onyx Connect homepage
http://www.onyxzambia.com/

VillageSavers homepage
https://villagesavers.com/

BongoHive homepage
https://bongohive.co.zm/

UNCDF homepage
https://www.uncdf.org/

UNCDF Annual Report 2019
https://www.uncdf.org/article/6126/2019-annual-report

Past MicroCapital article on UNCDF
https://www.microcapital.org/microcapital-brief-uncdf-womens-world-banking-partner-on-digital-financial-inclusion-for-women/

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