In May last year, Paypal and Village Capital announced that they would be partnering up to select 12 startups for their first fintechs accelerator in Sub-Saharan Africa.
The programme was launched and applications from Kenya, Rwanda, Tanzania, Uganda, Nigeria, and South Africa were received. From this, a group of 12 startups was selected. Each of the selected companies has an innovation that has contributed to the improvement of the financial health sector for consumers and businesses.
Out of the 12 startups is Wazi Insures which is one of our members at Nairobi Garage. We are super proud of this company that is under our new club space membership. Wazi Insures helps customers easily access insurance services through online and offline applications.
The three other startups from Kenya are: FPESA, which helps Kenyan enterprises which transact foreign exchange settle currency transactions, Annona, a company that manages small-scale producers in global supply chains, and Tulaa which is a mobile-based app that helps small-scale farmers in Africa access affordable finance.
Nigeria has also been represented by four startups. These are: – CredPal, a commerce platform that allows consumers to purchase goods from both online and offline merchants with the ability to pay in installments, Riby Finance a finance technology company that automates cooperatives and their financial activities, Social Lender, a company that offers credit lending solutions and Youverify which is an identity verification.
From Uganda another four were selected: Ensibuuko, a company that provides modern electronic banking infrastructure to microfinance institutions, Mazima Retirement Plan ensures that every Ugandan is able to open and fund an Individual Retirement Account (IRA), Patasente is an online supply chain that finances platforms that enable businesses to conduct electronic procurement and Numida that builds the missing digital platforms needed by small African businesses to thrive .
The startups are set to participate in three four-day workshops from March all through to May that will help them engage and invest with their potential clients, partners and investors.
The top two startups that will qualify for the programme will be awarded three months of training and US$50,000.