Five Zambian startups have been selected to take part in the FinTech4U Accelerator Programme, which offers prototype funding and access to mentors and business support.
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, which kicks off this week and is broken up into three months of dedicated programme and three more of business support, will provide successful applicants with US$3,000 in prototype funding and access to co-working space at BongoHive.
Five Zambian fintech startups have been selected to take part, namely health insurance provider Aretech, mobile merchant payments platform Digital PayGo, student loans service Edu-Pay, healthcare subscriptions service Safepay, and Virtual Space, the company behind payments platform Mangwee.
The programme will also match these startups with dedicated mentors and provide them with assistance in areas such as legal and accounting in a bid to help them grow and provide more people with access to financial services.