Rinchi
TechInAfrica – 12 African fintech startups are among the 50 winners of the Inclusive Fintech 2019 competition. The competition was launched in February this year, aiming at supporting early-stage fintech startups to access capital and other resources.
The Inclusive Fintech 2019 was funded by MetLife Foundation and VISA and supported by ACCION and International Finance Corporation(IFC) of the World Bank Group with the MIX as the implementing partner.
Among 400 eligible applicants, only 50 of them were selected to demonstrate their potential fintech solutions. The winners are divided into five different categories including Credit, Insurance, Payments & Remittances, Savings & Personal Financial Management (PFM), and Infrastructure.
Out of 50 winning applicants, 12 of them are from Africa, including Kenya (Apollo Agriculture; Pezesha; Tulaa; ACRE Africa; and Pula), South Africa (Click2Sure; Inclusivity Solutions; and Hello Paisa), Nigeria (E-Settlement and Riby), and Ghana (Ozé), Mauritius (PEG Africa).
Cited from fintechnews.sg, the Head of Social Impact, VISA, Marianne Mwaniki stated: “Existing research indicates that investment capital has largely overlooked early-stage and inclusive Fintechs in several markets. This group of winners makes clear that there are high-potential startups with viable products and business models – and they’re ready for investment.”
“Inclusive Fintech 50 demonstrates that there are lesser-known fintechs able to reach underserved populations with appropriate financial products. We want to support startups that are addressing the holistic needs of these target segments with the ultimate goal of improving their financial health,” said Sarah Willis, Director of Financial Health & Inclusion at MetLife Foundation cited from techeconomy.ng
To see a full list of the winners, visit here.
Source: techeconomy.ng
