Mobile money has transformed sub-Saharan Africa.
Financial technology services like peer-to-peer mobile payments have brought millions of unbanked and underbanked Africans closer to the formal economy.
Still, many challenges and opportunities remain. Roughly six out of ten adults in sub-Saharan Africa lack bank accounts, and many more lack insurance or pensions. New and exciting fintech companies across the subcontinent are trying to fix this, but they face regulatory barriers and infrastructure challenges that prevent their growth and expansion.
Today, we’re announcing a cohort of twelve startups for our Fintech Africa 2018 program, each with an innovative technology or business model that has improved financial health for consumers and businesses alike. Our program, which we are running in collaboration with PayPal, will connect these entrepreneurs with the people, institutions, and capital they need to succeed and expand their impact.
Village Capital’s work is supported by USAID’s U.S. Global Development Lab PACE Initiative, which recognizes that governments and the private sector can work together to solve society’s largest problems.
The following companies are in the 2018 cohort:
Annona (Kenya) is the leading technology platform for managing small scale producers in global supply chains, helping them fulfill contracts and make digital payments.
CredPal (Nigeria) is a technology company that allows consumers to make purchases across various online and offline merchants and pay for it in installments.
Ensibuuko (Uganda) helps cooperative microfinance organizations automate how they manage customer and transaction data using Mobis, a cloud-based software platform.
Finance Life Technologies Limited (Riby Finance) (Nigeria) provides a software that enables cooperatives, associations and trade groups to automate and manage their financial transactions.
FPESA® (Kenya) helps small- and medium-sized Kenyan enterprises that transact foreign exchange discover, negotiate, book and settle foreign currency transactions.
GrassRoots Bima (Kenya) helps customers access insurance services simply and transparently through both online and offline applications.
Mazima Retirement Plan (Uganda) helps Africa’s informal sector save for retirement.
Numida Technologies (Uganda) is building the missing digital products that African small businesses need in order to thrive.
Patasente Inc (Uganda) provides purchase order financing for SMEs in Uganda.
Social Lender (Nigeria) is the leading credit lending solution based on social reputation on mobile, online, and social media platforms.
Tulaa (Kenya and Ghana) is a mobile-based marketplace that helps smallholder farmers in Africa access affordable finance, quality agricultural inputs, and markets.
Youverify (Nigeria) is an API for address and identity verification in Africa.