CATAPULT: Inclusion Africa , set to take place between the 5th and 9th of November at the LHoFT Foundation has selected 14 startups from across Africa into a week-long program designed by the LHoFT Foundation to help drive financial inclusion on the continent.
CATAPULT: Inclusion Africa will leverage Luxembourg’s Inclusive Finance and Fintech ecosystems, as well as LHoFT partners, to support the 14 selected firms in developing their businesses and achieving their inclusion goals, creating synergies between them, partners, sponsors, investors, Microfinance institutions (MFI) and Public Financial Institutions (PFIs).
According to Nasir Zubairi, CEO of the LHoFT Foundation: “CATAPULT: Inclusion Africa is the first home grown program of the LHoFT Foundation to focus on Financial Inclusion. Luxembourg is the microfinance centre for Europe and sustainable finance is a core priority of Government; it therefore makes sense to capitalise on the fantastic ecosystem and support available here to welcome these outstanding Fintech companies focusing on financial inclusion. We are very excited to welcome the participants in few weeks’ time and we and our partners are looking forward to the positive outcomes of this program.”
Targeting Fintech companies from South Africa, Uganda, Nigeria, Senegal, Tanzania and others that are focused on financial inclusion and keen to build bridges between Africa and Europe, the initiative strongly believes that financial technology is crucial to advancing financial inclusion, empowering groups that have been left behind by the traditional financial system such as financing for rural farmers, point of sale technology for underbanked merchants, or specialised insurance products, the positive impact being driven by entrepreneurship is improving lives around the world.
The 14 startups will receive intensive mentoring, coaching, peer to peer learning and dedicated workshops. The program will include sessions on business mapping, scaling business, understanding and evaluating metrics, investability, risk and capital, legal and marketing.
Romain Schneider, Minister for Development Cooperation and Humanitarian Affairs added: “Inclusive Finance is key to allowing people, especially women, to break the cycle of poverty, by creating economic opportunities. Today, one of the main changes we see in this sector is the development of digital financial services. Through its striving fintech sector, Luxembourg has a lot to offer in this area. Therefore, exchanges between the LHoFT and the broader microfinance ecosystem with upcoming African financial technology companies can facilitate positive and inclusive change.”
The 14 qualified Fintech startups:
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