UN Capital Development Fund (UNCDF) and BongoHive Innovation and Technology Hub are pleased to announce that after a successful three-month training programme, applications are now open for a new round of the FinTech4U Accelerator Programme.
FinTech4U is a programme designed to help start-up businesses offering digital financial services for Zambians. The objective of the programme is to improve start-up businesses by addressing some of the challenges that FinTechs and SMEs face, such as testing products with actual customers, using an iterative product design process, or not having the experience or technical know-how to adequately navigate the regulatory requirements for their business. Through the Accelerator Programme, UNCDF and BongoHive aim to address these challenges and help the FinTechs scale their business solution across Zambia and beyond.
To be eligible for this new edition of the programme, FinTechs must have a minimum viable product, be a registered business in Zambia, have been operational from 3 months to 3 years, and demonstrate some kind of market traction. Special consideration will be given to products or solutions that reach traditionally under-served customers such as women, youth and rural populations. UNCDF and BongoHive are also interested in products or solutions that address challenges in agriculture and energy.
FinTechs selected for the programme, receive technical assistance from a variety of experts ranging from a digital financial services expert, data expert, human centred design expert, and, business, legal and tax advisory. This round of applications is the second cohort of five fintechs that will each receive a grant of $3000 to achieve certain milestones within the programme.
Quote from Kilyelyani (Killy) Kanjo, Country Digital Lead, UNCDF:
We are pleased to open another cohort for FinTech4U and build upon the successful first cohort. We are committed strengthening the FinTech sector in order to make services and products more accessible to all Zambians and improve people’s lives. SMEs are critical the economic growth in Zambia and we think it is vital to improve these businesses so they can succeed in the marketplace.
Quote from Lukonga Lindunda, BongoHive Innovation and Technology Hub Co-founder and Executive Director:
BongoHive has been running accelerator programmes for the past 4 years and one of the key lessons we have learned is that there is a need to work more closely with other players in the ecosystem in order to improve the business environment and improve the success rate of start-ups in Zambia. FinTech4U Accelerator gives BongoHive the platform to work closely with regulators and benefit of the technical expertise of UNCDF.
Conditions for applications and the application submission link can be found on the Zambia FinTech4U Accelerator Programme website – https://fintech4u.co.zm
Both UNCDF and BongoHive encourage female-led businesses to apply.
FinTech4U is an initiative of UNCDF and BongoHive, funded by Comic Relief and Jersey Overseas Aid.