According to the pan-African banking group Ecobank, the FinTech space in Africa is set to grow by $3 billion in the next two years. The space has also proven the potential to churn out digital payments solutions that will bridge the financial inclusion gap for millions of people across sub-Saharan Africa.
In the spirit to promote and fast-track the development of FinTech space in Africa, the leading global online payment system PayPal has partnered with Village Capital to identify the most promising startups in this space, whom they can accelerate their development.
The two companies have selected 12 startups in the FinTech space, out of a cohort of 165 applicants, who have come up with innovative technology or business models that furthers financial inclusion to consumers and businesses. This cohort of the applicants were FinTech startups from Nigeria, Kenya, and Uganda.
The applicants were judged based on how their technology product or business model addressed matters such as pensions and savings, insurtech, financial literacy, leverage on big data for credit scoring and consumer insights, and cooperative finance. The judges were particularly keen on how the FinTech startup …read more