Ten startups from Southern Africa have been recognized and rewarded for their efforts in addressing the financial access gap in underserved communities.
Among the winning startups, six were based in South Africa, namely Abela, Bento Technologies, Fintr, Moya Money, Sum1 Investments, and Thumeza.
Two startups, Chaperone and Prime Capital, hailed from Lesotho, while Botswana (Ipachi Capital) and Namibia (FundRoof) each had one representative.
This recognition was part of the Fintech Challenge, which received support from the World Bank and was conducted as a part of the Southern Africa Innovation Bridge Portal’s ecosystem development initiatives.
The challenge aimed to gather innovative ideas in fintech that can have a significant impact.
The main objective of the initiative was to offer affordable and suitable savings and de-risking products for the low- and middle-income market, along with lending solutions for small and medium-sized enterprises (SMEs).
During an awards event, each of the ten Southern African startups received a prize of $5,000 to help make their businesses ready for investment.
Marie Francoise Marie-Nellie, the World Bank Country Director for Botswana, Eswatini, Lesotho, Namibia, and South Africa, commended the innovative and impactful fintech companies from the region.
These startups presented their solutions to improve financial access for those in need after participating in an eight-week investment readiness program that included masterclasses and mentoring.
Out of the 15 startups that took part, ten were awarded financing, indicating their readiness for investment and their enthusiasm to engage with potential investors.