The nine businesses selected for the inaugural Fintech Incubation Programme have been announced by Co-Creation Hub (CcHub), in conjunction with Google, Rwanda’s Ministry of ICT and Innovation, and Mojaloop Foundation.
The Fintech Innovation Project, which includes the Fintech Incubation Program and other development programmes, is part of Rwanda’s continuous efforts to establish itself as a fintech powerhouse for Africa, with Mojaloop serving as the country’s payments switch. The programme is in line with Rwanda’s goal of harnessing technology to foster inclusive economic growth.
KudiBooks, payment and accounting software for non-finance and non-accounting professionals; Food Bundles, which uses digital technology to improve market links for smallholder farmers and meet the growing demand for fresh food produce; Quiqpay, a contactless payments platform; Bafana, which helps African artists and creatives share their work and collect payments; and Uplus, a digital group financing plc, are among the nine Rwandan companies selected.
PesaChoice, which provides short-term loans without requiring collateral, and CentWise, which builds alternative collateral products to provide financial access to micro traders such as street vendors and hawkers, round out the group.
Exuus, a digital and inclusive wallet that allows users to manage both their savings and spending, and PayingTone, a marketplace that delivers ecologically trackable items and services on credit.
CcHub will assist the teams in achieving product stability and scalability, market preparation, and investment over the following three months. While utilising Google products and Mojaloop, they will be able to benefit from mentorship from industry and subject experts. The first cohort of the programme will culminate in a demo day in July, during which the businesses will pitch to investors via the CcHub syndicate.
