World Bank led Grant funding secured by 10 Southern African fintech startups
Ten startups from Southern Africa have been recognized for their innovative approaches to closing the financial access gap for underserved communities as part of a World Bank-sponsored challenge.
The World Bank supported Southern Africa Innovation Bridge Portal ecosystem development initiatives including the Fintech Challenge, which sought out novel and effective applications for the newest advancements in fintech through crowdsourcing.
The initiative aims to offer low-cost and suitable lending options for SMEs as well as de-risking and savings products for the low- and middle-income market. At a recent awards ceremony, ten startups from Southern Africa received a total of US $5,000 each to help them prepare their companies for investment.
Six of the winning startups, including abela, Bento Technologies, Fintr, Moya Money, Sum1 Investments, and Thumeza, are based in South Africa. Chaperone and Prime Capital are both from Lesotho, and Ipachi Capital and FundRoof are both from Botswana.
“The region’s most innovative and impactful fintech companies unveiled their solutions to enable greater financial access to the poor, after an eight-week investment readiness program which included masterclasses and mentoring,” said Marie Francoise Marie-Nellie, World Bank Country Director for Botswana, Eswatini, Lesotho, Namibia, and South Africa. “Of the 15 participating startups, 10 were awarded financing. These businesses are investment ready and now eager to engage further with interested investors.”
