The second FinTech4U Accelerator cohort was closed by The UN Capital Development
Fund and BongoHive Innovation Hub, with the official announcement of the three
winning FinTechs. Each FinTech improved its business model to better meet the needs of
underserved Zambians and will be awarded a $5,000 grant.
The finalists were announced at a virtual ceremony attended by start-ups from both
FinTech4U cohorts, partners such as the Securities Exchange Commission and Bank of
Zambia, and others in the Zambian ecosystem.
The FinTechs joined the Accelerator Programme five months ago with a digital
finance product or service that addresses a need or solves some of the challenges that
Zambians, especially women, youth or rural populations experience. The aim of
the Accelerator Programme is to improve businesses or prepare them for scale across
Zambia or the region. In five months, the FinTechs worked on business modelling, human-
centred design, regulatory navigation and other areas to help their business succeed in the
market. To compete for the $5,000 grant, the start-ups demonstrated growth in getting to
understand their customers and build solutions that address their customers’ needs
by actively participating in the sessions, completing assignments that exhibited their
businesses had the potential to increase financial and digital inclusion for Zambians.
These are the three winning FinTechs that will be receiving the grant:
OnyxConnect is a Zambian FinTech that aims to enhance mobility by offering a ‘payment in
increments’ approach for bicycles and by providing a scalable model for enhancing mobility
for smallholder farmers, especially dairy farmers. Each bicycle supports women dairy
farmers in multiplying their earning potential and helps to reduce milk and perishables
Premier Credit is a FinTech that offers affordable microloans to MSMEs and low-income
earners. Digital access to microloans helps customers invest in their business so they can
better manage their stock and supplies, serve more customers and increase their earning
This FinTech developed an e-bus ticket platform that helps customers to conveniently book
and buy their bus ticket online. The online purchase combined with a booking module for the
bus, saves time for customers who do not have to wait long hours for the bus to fill up before
it leaves. The time saved enables customers to be more productive, thus potentially increase
“These three companies from the Accelerator Programme demonstrated a stellar
performance and were noted by judges as possible solutions to drive change, not only in
Zambia but also on a global level,” said Simunza Muyangana, BongoHive Co-Founder and
Director of Entrepreneurship during the Finale.
Isaac Holly Ogwal, UNCDF Country Lead also had high praise for
the winning FinTechs: “We are all winners because the objectives that we set out to meet in
this programme have been met. FinTechs have improved their skillsets, they know their
customers better, have created partnerships to expand their reach and all start-ups are
better-placed to raise capital for their solutions.”
While the structured programme has ended, the start-ups will enter a new phase that
involves connecting with their customers through field testing days in
their markets. The FinTechs are also invited to participate in the upcoming Securities
Exchange Commission Regulatory Sandbox to be launched later this month. FinTech4U is
funded by Comic Relief and Jersey Overseas Aid.
More information is available on the FinTech4U Accelerator here.