By Spy Uganda
Ugandan financial technology startup eMaisha Pay ousted eight other finalists and won the Catapult: Inclusion Africa programme hosted by Luxembourg’s House of Financial Technology in Dubai.
Started by Pan Africanist Uhuru Sserubiri, eMaisha Pay is a mobile platform that leverages machine learning (ML), alternative data and psychometric parameters to credit score small and medium-sized enterprises (SMEs) in Africa. This model makes it possible to serve SMEs that had no access to finance in the past.
CATAPULT: Inclusion Africa is a series of fintech development programmes managed by the LHoFT Foundation, Luxembourg’s fintech hub, to drive technology innovation in Luxembourg. It is funded by and created in collaboration with Luxembourg’s development cooperation programme.
EMaisha unlocks financial opportunities for SMEs through quick, affordable, and non-collateral working capital loans for business growth.
This year marked the fourth year of Lhoft’s financial inclusion initiative with a focus on the African continent. The 2022 edition was hosted in Dubai to coincide with the world expo.
Developed by the LHoFT Foundation, CATAPULT: Inclusion Africa is designed for innovative technology companies focused on financial inclusion in Africa. The program aligns with the sustainability goals of Luxembourg’s finance center and seeks to create real impact in relation to financial inclusion, by providing participant firms with education and insight as well as connectivity, leveraging Luxembourg’s experienced ecosystem of entrepreneurs, finance professionals, and financial inclusion and impact specialists.
Between 21 to 23 March, nine startups from six countries in Africa–South Africa, Nigeria, Ivory Coast, Zimbabwe, Uganda and Ghana–took part in workshops, meeting with mentors and speakers from Luxembourg and the United Arab Emirates.
The event was aimed at helping them refine business pitches but also creating networking opportunities, with a final presentation in front of an international jury.
Ugandan mobile platform eMaisha Pay convinced the judges at the end of the three-day programme. The startup leverages machine learning, alternative data and psychometric parameters to credit score small and medium-sized enterprises (SMEs) in Africa. This model makes it possible to serve SMEs that previously had no access to finance.
EMaisha Pay follows last year’s winner, Emata. Also from Uganda, the startup aims to provide financial products to farmers in East Africa.
Emata won €5,000 in prize money as well as free participation and accommodation at African MicroFinance Week.
This special edition of CATAPULT: Inclusion Africa was sponsored by the Ministry of Foreign & European Affairs – Directorate for Development and Humanitarian Affairs, with support from the Alliance for Financial Inclusion as well as other key strategic partners such as ADA, AFI, InFine, DIFC FinTech Hive, PwC, Luxembourg Microfinance, and Development Fund, Luxembourg For Finance, Dubai UAE Expo 2020 and Compellio.
Pictorial As Uhuru’s EMaisha Pay Scoops Fourth Edition Of CATAPULT