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Lupiya, a Zambian Fintech Startup Raises $1m From Enygma Ventures

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Lupiya, a Zambian online marketplace for loans and investments designed to provide transparency and flexibility ensuring our customers pay less when they borrow has raised $1 million from South Africa’s Enygma Ventures to enable Lupiya to continue to scale and roll out its services in Zambia.

Lupiya aims to serve about 70% of Zambians who do not have access to formal financial services simply because they do not have the necessary collateral they need to secure a loan. Lupiya aims to help these demographic especially women to be able to participate in the economy through its financial inclusion strategy.

In a statement, CEO and co-founder Evelyn Kaingu said, “We are thrilled with this investment, it has come at the right time in the interesting financial climate many businesses are experiencing as a result of the Covid-19 pandemic.”

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Launched in 2016, Lupiya has served clients in the private, public and informal sectors by providing access to a broad range of financial services. The firm’s goal is to expand access to credit and lower the cost of borrowing for millions across the region.

“We aim to level the playing field by offering low-cost lending and investment products. More than profit, we are driven by creating a landscape that promotes equity and access to fair financial services for all. Our contribution is the application of fintech to bridge the financial gap, said Kaingu. The innovative Zambian fintech solution is working tirelessly to close the gap for people without access to financial services through its branchless, innovative digital microfinance platform that leverages technology to make the process of borrowing simpler and easier expecially for those in rural, remote areas.

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“We are excited to partner with Lupiya to make an extraordinary difference to the lives of particularly female Zambian business owners,  who run small and medium sized businesses. We believe the access to capital is a key strategic initiative to enable job creation, enterprise stimulus, and in turn economic growth,” said Sarah Dusek, Managing Partner and co-founder of Enygma Ventures.

With the investment, Lupiya will be ensure Zambians can easily access financial services when they need them.

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“Lupiya’s goal is to expand access to credit and lower the cost of borrowing for millions of Zambians,” said Kaingu. “We aim to level the playing field for all Zambians by offering low cost lending products and attainable options for security. We distance ourselves from traditional lenders by being accessible to marginalized and unbanked communities and offering lending practices that are transparent and fair. More than profit, we are driven by creating a landscape that promotes an economically empowered Zambia. Our contribution is the application of fintech to bridge the financial gap.”

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James Musoba
James Musoba
Studying Africa's startup and technology scene. I always look forward to discovering new exciting inventions and vibrant entrepreneurs.

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