The advent of technology has done so much good to the world, especially, in Africa.
Africans now have tools to tackle and find solutions to some Africa problems, thereby, reducing the level of poverty, unemployment, illiteracy and poor exposure, etc.
Technology has simplified almost everything that we can think of and one of such is Financial technology, (Fintech).
Financial technology, (Fintech), is the new technology and innovation that aims to compete with traditional financial methods in the delivery of financial services in an improved way.
Across Africa, we have various types of Fintech startups and we will be looking at 3 of them.
Schoolable was founded by Angela Essien and Henry Chibuzo, in September 2017.
Schoolable is a Fintech company that focuses on providing access to affordable finance in the private school system in Africa.
At Schoolable, it is believed that one problem that causes the greatest barrier to quality education in Africa, is the little or, no access, to affordable finance.
Schoolable hopes to bridge this gap and make finance accessible to all.
The Founders believe that access to affordable finance is the greatest barrier to quality education in Africa.
Schoolable’s mission is to leverage technology, to make finance accessible in the education ecosystem in Africa.
Schoolable has raised a total of $150,000 in funding over one round. This was a seed raised on March 18, 2019.
Lipa Later, (Kenya)
Lipa later was founded by Eric Muli the Founder and CEO of Odyssey Capital Limited.
Lipa Later is a Facility that allows one to purchase any electronics of choice and pay for it, in monthly instalments.
The platform works with a proprietary algorithm that enables Lipa later to determine the creditworthiness of its users.
Lipa Later is in partnership with brands, such as Tecno, Sony, Huawei, Samsung, Oppo, Jumia, Edsons ltd, game, etc.
KudiGo was founded by Bright Ahedor, Gideon Boateng, and Kingsley Abrokwah, on June 6, 2017.
KudiGO provides integrated, mobile-based retail, payments, accounting and analytics engine, for the consumer retail industry.
Providing a complete solution for businesses to receive payments, track inventories and build sound financial models, based on past trends.
KudiGo has raised a total of $450,000 in funding over one round. This was a seed round, raised on April 17, 2019.
We wait to see if these Fintech startups would scale in Africa in the nearest future.
Fintech startups can also apply these growth hack tips for traction.
Featured Image: businessday.ng