Village Capital in collaboration with Paypal announces its support to 12 early-stage startups working to improve financial health in sub-Saharan Africa for its 2018 venture development programme.
The programme seeks to connect these startups with people, institutions, and capital they need to succeed and expand their impact across the continent.
Financial technology services like peer-to-peer mobile payments have brought millions of unbanked and underbanked Africans closer to the formal economy but according to Village Capital, major challenges remain to build financial health throughout the continent. Roughly six in ten adults in sub-Saharan Africa lack bank accounts, and thus lack access to financial services that facilitate financial health and productivity. While much progress has been made in the payments arena, access to critical services such as insurance and pension stills lacks.
The programme dubbed “Village Capital Fintech Africa 2018 program” targeting startups in Kenya, Nigeria, South Africa, Ghana, Uganda, Rwanda, and Tanzania will run from March to May 2018 addressing major topics like financial health concerns, leveraging data for alternative means of credit scoring, Integration of mobile services including social media, gaming, and online commerce and also applying Fintech solutions to drive innovation and business model improvement in our other sectors.
The following companies are in the 2018 cohort:
Annona: A leading technology platform for managing small-scale producers in global supply chains, helping them fulfill contracts and make digital payments.
FPESA®: Helps small- and medium-sized Kenyan enterprises that transact foreign exchange discover, negotiate, book and settle foreign currency transactions.
GrassRoots Bima: Helps customers access insurance services simply and transparently through both online and offline applications.
Tulaa: A mobile-based marketplace that is also based in Ghana that helps smallholder farmers in Africa access affordable finance, quality agricultural inputs, and markets.
Ensibuuko: Helps cooperative microfinance organizations automate how they manage customer and transaction data using Mobis, a cloud-based software platform.
Mazima Retirement Plan: Helps Africa’s informal sector save for retirement.
Numida Technologies: Is building the missing digital products that African small businesses need in order to thrive.
Patasente Inc: Provides purchase order financing for SMEs in Uganda.
Social Lender: Is the leading credit lending solution based on social reputation on mobile, online, and social media platforms.
Youverify: Also operating in Ghana, is an API for address and identity verification in Africa.
Finance Life Technologies Limited (Riby Finance): Provides software that enables cooperatives, associations and trade groups to automate and manage their financial transactions.
CredPal: Is a technology company that allows consumers to make purchases across various online and offline merchants and pay for it in installments.