Rwandan accelerator Inkomoko has partnered with the Bank of Kigali to launch a seven month incubator for tech-based startups, with selected startups offered a share of RWF60 million (US$73,000) in zero-interest loans.
The “Urumuri initiative” is being launched to mark the Bank of Kigali’s 50th anniversary, with the bank saying it is ideal to mark the occasion by supporting the startups set to drive Rwanda’s economic growth over the next 50 years.
The initiative is seeking startups with ideas or operating businesses leveraging technology to solve Rwanda’s most pressing challenges.
50 startups will be selected to join the seven month business support programme run by Inkomoko.
The Bank of Kigali will make a pool of RWF60 million (US$73,000) available in interest-free loans, to be granted as required among the top three to eight startups participating in the programme.
To be eligible startups must be Rwandan, must integrate technology into their solution, and must be able to demonstrate potential financial sustainability and profitability. Applicants must also not have revenues in excess of RWF200 million (US$242,000).
Applications are open here, until April 5.