Social Lender, three others make 2018 cohort of Village Capital programme
by FRANK ELEANYA
March 8, 2018 | 1:28 pm| | | Start Conversation
Four Nigerian technology start-ups including, Social Lender, CredPal, Riby Finance and Youverify are part of the twelve fintech businesses selected from across Africa to participate in the Village Capital Fintech Africa 2018 in Nairobi.
Village Capital Fintech Africa 2018 is a four-day workshop designed to position start-ups for investment and bring them closer to the customers, strategic partners, sector experts, mentors, investors and Paypal employees. The organisers, Village Capital collaborated with global online payment firm, Paypal to provide a richer experience for the participants.
To arrive at the 12 start-ups, Village Capital received hundreds of applications from different parts of the continent. The organisation had announced the programme in 2017. The start-ups that were asked to apply include those that address financial health concerns including insurtech, pensions and savings, cooperative finance, and financial literacy;
Start-ups that integrate, financial health services with other mobile services including social media, gaming and online commerce; leverage data for alternative means of credit scoring, identify verification and protection, and consumer insights; and apply fintech solutions to drive innovation and business model improvement in other sectors of interest: agriculture, energy, education, and health.
“We have selected 12 early-stage African fintech start-ups focused on improving financial health,” Ben Wrobel, marketing manager of Village Capital said in an email. “We will offer $50,000 investment each to the top two entrepreneurs in the programme, as selected by their peers.”
Social Lender is an online platform that provides access to financial institutions to be able to reach certain demography of people who otherwise will not have access to funds. The platform makes use of a unique algorithm that calculates and put together a digital fingerprint, which can be used to access formal credit.
Youverify leverages artificial intelligence to deliver background checks and help African businesses verify individuals’ identities and addresses.
CredPal enables users make purchases across online and offline merchants with the ability to pay for it in instalments.
Riby Finance provides software that enables cooperatives, associations and trade groups to automate and manage their financial transactions.
Other start-ups selected from countries like Kenya and Uganda include Annona (Kenya); FPESA (Kenya); Grassroots Rima (Kenya); Tulaa (Kenya); Ensibuuko (Uganda); Mazima Retirement Plan (Uganda); Numida Technologies (Uganda); and Patasente Inc (Uganda).
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