Village Capital, a non-profit that runs training programs for groups of early-stage entrepreneurs that are working to solve financial, health, sustainable agriculture problems across Africa has teamed up with PayPal to launch the Village Capital Fintech Africa 2018 program.
The two will are looking for 12-14 early-stage fintech startups to go through a three-month investment-readiness program, early next year. Startups from Ghana, Kenya, Nigeria, Rwanda, South Africa, Tanzania, and Uganda are invited to apply.
The two firms are looking for startups that address insurtech, pensions and savings, cooperative finance, and financial literacy and those that leverage data for credit scoring and consumer insights; and or apply fintech to other sectors of interest such as agriculture, energy, education, and health.
Village Capital and PayPal will invest USD50K each in two startups which will be selected by peers in the cohort.
Since 2012, Village Capital has run seven programs and made 14 investments in sub-Saharan Africa, including:
PayGo Energy, which sells clean cooking fuel on a pay-as-you-go basis. They recently closed $1.2M Series A equity led by Novastar Ventures
PiggyBankNG, which helps debit card holders save – the platform allows users to withdraw money for free on certain dates, incentivizing savings and eliminating the temptation to withdraw
ARED, which leases a solar-powered mobile kiosk that charges cell phones. The company franchisees have the opportunity to run local kiosks for free
Village Capital’s recent Breaking the Pattern report analyzes how implicit bias causes investors to miss opportunities in African fintech.