The pan-African incubator MEST is one of the continent’s biggest tech hubs. It just unveiled its latest cohort of startups.
Here’s a closer look at the four FinTech firms among the 11 startups in general that have each received $100,000 in funding from MEST.
The first one out is BezoMoney, a digital savings platform for traditional savings groups. The Ghana-based startup is set up to help people boost their creditworthiness and access bulk capital through group savings. BezoMoney also provides e-wallets for personal and group savings.
The second startup in the new batch is CoFundie. It has developed a service that enabling private individuals to invest, co-own and make money of real-estate developments. Nigeria-based CoFundie also vet partners and insure the deals.
Niqao is a financing platform connecting merchants with lenders. The goal of this is to empower them to enable customers the choice to pay for their stuff in instalments.
Finally, there’s Saada. This messaging and mobile money ticketing services has set out to increase digital sales and data collection.
The African continent has come a long way since the launch of M-Pesa in 2007. The Kenyan mobile payment transfer system is often seen as the beginning of the continent’s FinTech revolution.
Since then the continent has seen significant growth as entrepreneurs try to cater to the underbanked population of Africa. FinTech Global’s research recently revealed that investment in the continent’s FinTech companies had risen to $175.3m in 2018.
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