Ugandan micro-insurance platform Mayicard has been named winner of the “Best Catapulter Award”, at the closing pitch event of the Luxembourg-based CATAPULT: Inclusion Africa business development programme.
Hosted by the Luxembourg House of Fintech (LHoFT) Foundation, CATAPULT: Inclusion Africa is a one week programme of fintech startup development, targeting companies focused on financial inclusion in Africa, and keen to build bridges between Africa and Europe.
Disrupt Africa reported recently 14 startups were selected to join the programme – although only 11 took up their places -, with nine of these companies hailing from Africa.
The programme culminated in a live pitching event, with the jury selecting Ugandan company Four One Financial Services – the creators of the Mayicard platform – as winner of the “Best Catapulter Award” – receiving EUR5,000 (US$5,700) and entry to the 2019 African Microfinance Week.
The Mayicard platform offers micro-healthcare insurance, as well as prepayments for assets like land and housing. Four One Financial Services Limited also operates what it claims is Uganda’s first micro-pension scheme.
“When you realise that your failure might mean someone living in poverty, perhaps for the rest of their lives, you have no choice but to succeed,” said Livingstone Mukasa, founder of Four One Financial Services.
Nasir Zubairi, chief executive officer (CEO) of the LHoFT Foundation said: “The programme exceeded the objectives we had and, most importantly the participants’ feedback confirmed that we had succeeded in adding real value. We believe we have helped to ensure these businesses are better placed to scale and deliver real impact in relation to financial inclusion”