An economist turned entrepreneur, she develops digital finance products to meet the needs of individuals and businesses in Zambia.

Evelyn Chilomo Kaingu, a Zambian economist with a background in financial services and technology, is the co-founder and CEO of fintech startup Lupiya. Established in 2016 by Evelyn Chilomo Kaingu and Muchu Kaingu, Lupiya aims to make financial opportunities accessible to all Zambians by simplifying the borrowing process and conditions.

The company offers three loan programs: Personal Loans, Lupiya for Business, and Lupiya for Women. The Personal Loans program provides secured loans and loans backed by a memorandum of understanding, catering to civil servants via Zambia’s integrated payroll and settlement control system (PMEC). Lupiya for Business offers secured working capital loans to help entrepreneurs expand their businesses.

Lupiya for Women serves as a growth partner for women-led small businesses. Under this initiative, women receive management training and best practices for startups, along with financial support through flexible credit facilities. This program provides a financing opportunity for women who lack the financial resources to advance economically.

Kaingu, a 2010 Economics graduate from Cavendish University Zambia, has held various roles in her career. In 2012, she joined The SPAR Group, a South African retailer, as Finance and Administration Manager. She later worked as a data specialist at the World Bank Group in 2015 before dedicating herself full-time to her startup, Lupiya.

Melchior Koba

eQub is an Amharic term for a rotating savings and credit association (ROSCA). Members of an eQub pool their savings, which are then distributed to each member in a predetermined sequence.

eQub, an Ethiopian fintech startup, has developed a solution that allows users to collectivize savings via its mobile application. The startup, headquartered in Addis Ababa, was established in 2020 by Alexander Hizikias. This week, eQub claimed victory at the Fintech Pitch-off competition at 4YFN 2024, held during the Mobile World Congress in Barcelona, Spain.

“Equb is an alternative means to achieve saving and improve access to credit by rotation of savings. Individuals agree to pool their savings for a defined period to jointly save by creating an eQub,” it explains.

Currently available only on Android (with an iOS version under development), it enables users to register by providing personal details, and verifying if they have a bank account and a mobile phone to access the platform. After that step, users then join an existing savings group or one established by the startup.

Users also have the option to create their group but this requires the provision of additional information such as address and biometric national card. The user can set the conditions for joining their group and launch the eQub at a suitable time. The number of rounds in the tontine is dependent on the number of participants.

eQub awards points to participants, which can be used to qualify for deferred payment services and other financial services it plans to introduce soon. According to Nahom Michael, eQub’s business development manager, the solution has attracted over 25,000 users and has formed over 200 savings groups since its inception. The fintech startup generates revenue when tontine winners withdraw funds from the platform.

Adoni Conrad Quenum

Financial technology (fintech) startups are experiencing rapid growth across Africa, driving financial inclusion by offering individuals and businesses easier access to a wider range of financial services. These innovative companies leverage technology to provide services like mobile money transfers, digital payments, and online lending, often reaching segments of the population traditionally excluded from traditional financial institutions.

Benin-based fintech FeexPay, launched in May 2023, announced its expansion into Togo, Côte d'Ivoire, Burkina Faso, and Senegal on Tuesday. The platform, developed by JH Trading, aims to simplify financial transactions for businesses and merchants by enabling payments via mobile money and bank cards.

"We launched FeexPay to significantly contribute to financial inclusion in Africa," said founder Jean Hugues Houinsou in an interview with We Are Tech Africa. "This expansion into four new countries marks a significant step forward, but we remain committed to doing more for the benefit of the African population."

Unlike many fintech solutions, FeexPay operates solely through its website, avoiding the need for a mobile app. Users create accounts by providing personal details and company information, followed by document verification. Once validated, businesses can receive payments via various methods, including Visa, Mastercard, and mobile money.

The platform features functionalities such as FeexLink, which generates payment links to be shared with customers via various channels; FeexCorporate, which enables mass payments to be made to employees, customers, or suppliers; and FeexMarket, which provides access to a single payment link for all of a store's products.

Cryptocurrency adoption is growing across Africa, driven by factors such as financial inclusion and diverse uses. However, regulatory ambiguities and security concerns cloud the optimism surrounding the technology.

U.S. financial technology company Visa announced a partnership with Web3 infrastructure provider Transak to offer cryptocurrency withdrawals in fiat currencies to Transak users in 30 African countries, according to a January 30th post on Transak's X account.

The service will utilize Visa Direct, a real-time money transfer solution, allowing users to convert over 40 cryptocurrencies into local fiat for spending at millions of Visa-accepting merchants.

"By enabling real-time card withdrawals through Visa Direct, Transak is delivering a faster, simpler, and more connected experience for its users — making it easier to convert crypto balances into fiat, which can be spent at the more than 130M merchant locations where Visa is accepted," said Yanilsa Gonzalez-Ore, head of Visa Direct and global ecosystem readiness for North America at Visa, in a statement.

Africa has emerged as a global leader in cryptocurrency adoption, with transactions in sub-Saharan Africa reaching $117.1 billion between July 2022 and June 2023, according to Chainalysis data. Nigeria leads the continent with $56.7 billion in transactions during the same period and ranks second globally in the Chainalysis Cryptocurrency Adoption Index.

"We believe this partnership is an inflection point for Web3 as a whole. Now, millions across the globe have a straightforward way to cash out their digital asset holdings to their local currency in real-time and intuitively," said Sami Start, co-founder of Transak.

Adoni Conrad Quenum

In Africa, many startups are focused on improving financial inclusion. They have developed many fintech solutions, some more innovative than others. 

Babimo is a fintech solution developed by an Ivorian startup. It enables users to pay bills online using a contactless QR code. The Abidjan-based startup was founded in 2021 by El Mehdi Messek.

The solution features a mobile app accessible on iOS and Android. Through the app, a user can create an account, with a phone number and a PIN code, and access the various services. In addition to paying bills online using the QR code, users can transfer money to their contacts via the Moov Africa, MTN, or Orange mobile networks, or buy airtime.  

Babimo's digital wallet can be topped up by mobile money for various commercial transactions.  It is worth mentioning that the startup collects commissions on the various operations. For example, for a 25,000 CFA Franc (around $40) top-up with Babimo, an operator transfer fee of  625 CFA Franc and an account top-up fee of 125 CFA Franc will be deducted, crediting the account with  24,250 CFA Franc.  

The startup, which passed through Orange Fab, has received several awards since its launch. In 2022, it came second and received a check for 5,000,000 CFA Franc at the Moov Start-Up Challenge. In early 2023, it won first prize, a check for 2 million CFA Franc, at the first IMP'HACK Hackathon organized by online betting platform 1xbet and Go Impact Côte d'Ivoire. In October 2023, it was also part of the Africa Startup Initiative Program at Startupbootcamp Afritech.

Adoni Conrad Quenum

Africa has historically been the continent with one of the lowest banking penetration rates. Those rates have been growing over the past few years but, with the introduction of digital alternatives, the rise is poised to be faster. 

PiggyVest is a fintech solution developed by a Lagos-based startup founded in 2016. It enables individuals and businesses to save towards goals like launching a business, buying a car, or furthering education. It was founded by five passionate entrepreneurs, who succeeded in raising around $1.2 million in funding to accelerate its growth. 

"When we started, there were 22 banks in Nigeria. So there was quite a lot of option and yet, young people were storing their savings in wooden boxes under their beds. This showed us that people might have access to financial services but they weren’t developed to serve their needs," explained Odunayo Eweniyi, co-founder and chief operations officer of PiggyVest 

To access the various services offered by the solution, users need to download its mobile app –Android or iOS version– and register for an account. Among other things, PiggyVest offers several ways to save, such as goal-oriented savings, savings in foreign currencies such as the dollar (flex dollar), or fixed savings, which involves blocking funds for a set period without having access to them until maturity. Its savings plans remunerate users with 5 to 15% interest. 

"With PiggyVest, users can save as much as they want as frequently or infrequently as they want, be it every day, every week, or every month. [...] We offer quarterly free withdrawal days when users can take money out if they need to without any cost. Should a user want to withdraw their money early or outside of these days, they will be charged a fee to discourage them from doing so," indicated Odunayo Eweniyi. PiggyVest claims over 4 million users. In 2021, its users saved over $480 million.

Adoni Conrad Quenum

The solution was co-funded by a Nigerian-born entrepreneur who spent the bulk of his professional career working for international IT firms. 

WallX is a fintech solution developed by a Nigerian startup of the same name. It enables users, both individuals and corporate entities, to send and receive money, receive payments, and settle online transactions.  The startup, based in Lekki in Lagos State and New York in the USA, was founded in 2020 by Richmond Ogigai and Subomi Jegunmah.

"I had seen firsthand the experiences of small business owners when it comes to payments and how their businesses eventually die out because they don’t have the basic tools or knowledge to build out their businesses. [...] Things like smart digital payment tools, record keeping, hiring, and sales management, are still very much done in a very manual way, and they end up running your business down," says Richmond Ogigai.

The solution features a mobile application accessible for Android and iOS devices. Once downloaded, users must create an account to access the various services it offers. Both individuals and companies can generate payment links as well as PIN codes to easily collect merchant payments or gift vouchers, pay electricity bills, buy airtime, or make monetary contributions such as participatory financing.

Since its launch, the Android version of the mobile application has already been downloaded more than a thousand times. WallX has been selected for the Spring 2023 cohort of New York accelerator Starta. It is also one of the 12 startups selected for the second cohort (2023) of the Fast Accelerator program supported by Microsoft.

Adoni Conrad Quenum

Before Interswitch, Flutterwave, and Nala integrated this payment method developed by the American firm Alphabet. 

Interswitch, a Nigerian financial technology startup, has integrated Google Pay into its Interswitch Payment Gateway (IPG) platform, according to a press release issued on Monday, September 11.

“Merchants can now store payment details within Google Wallet. This integration facilitates a smoother checkout process on the Interswitch platform, heightening the user experience. Additionally, the collaboration enables the acceptance of international cards on the Interswitch Payment Gateway, positioning businesses to seamlessly cater to a broader international clientele,” the release reads. 

Interswitch, founded in 2002 by Mitchell Elegbe, became a unicorn in 2019 following the acquisition of 20% of its shares by US giant Visa. It has made a name for itself in the African fintech world, and during the COVID-19 pandemic, it proved to be the alternative of choice for commercial transactions in Nigeria and across the continent.

"By integrating Google Pay into our Payment Gateway, we are empowering businesses to harness the potential of a global customer base while ensuring secure and reliable payments," said Muyiwa Asagba, Managing Director of Digital Commerce and Merchant Acquisition at Interswitch.

Thanks to this integration, "users can simply add their debit and credit cards to the Google Wallet app and feel confident that their financial information is safe and secure when they’re making a purchase or catching a train," says Jenny Cheng, vice president and general manager of Google Wallet. 

Adoni Conrad Quenum

The solution aims to help people build financial discipline.

Alvin App is a fintech solution developed by a Kenyan startup. It helps users efficiently manage, save, and grow their money.  

"The only personal finance apps we could find in Kenya were not optimized for the local context, they offered no guidance to help us acquire the assets we wanted to save toward, and only offered the ability to save but gave no daily support to help us save for goals that require consistency for long periods.[...] Alvin is ultimately designed to be your daily pocket companion that makes it dead simple to feel like you’re in control of your financial situation, and that every day," explains Winston Reid, CEO of Alvin.

Through the Alvin Android app (only the Android app is available for the time being), users can create their accounts and set spending and saving goals to let the app track their budgets. Alvin defines daily, weekly, and monthly spending thresholds, enabling users to track the evolution of their savings.

In addition to setting up the budget, Alvin assists the user daily by sending budget alerts. It also carries out comparative analysis based on current and past spending. The analysis aims to help users build and stick to spending habits that facilitate the achievement of predefined saving goals. 

"For anyone to build sustainable saving habits, they need to have sustainable spending habits. And doing this requires giving people more support than reminders to make deposits," says Winston Reid. 

In 2022, the startup behind the app raised $740,000 to accelerate its growth. At the time, it indicated that the app was in its private beta phase, adding that it was planning to go international. 

Adoni Conrad Quenum

After several years in the global financial sector, three tech entrepreneurs decided to set up a fintech solution to facilitate investment in international markets for Africans regardless of their social level. That is how Ndovu was born. 

Ndovu is a fintech solution developed by a Kenyan start-up. It enables users to save money and invest in global financial markets via a mobile application. The Nairobi-based start-up behind that solution was founded in 2020 by Radhika Bhachu, Ro Nyangeri, and Gianpaolo De Biase, three tech entrepreneurs with years of experience in the financial sector. The fintech's aim is to provide Africans with the tools they need to build their wealth.

The solution has a mobile app, available on iOS and Android. Users must first download it to create an account. Upon registration, they will be asked to answer a number of questions, after which Ndovu will help them define financial objectives and set up personalized investment portfolios. After that step, they can now invest in financial markets. 

The startup has set up an online academy for its users who know nothing about finance. The academy offers tips and advice on investing and saving. 

Ndovu also makes initial security picks to suggest interesting investments to its users. 

“If you were to save $100 per month for 10 years in a bank account paying 2% per annum, you would earn $13,200. On the other hand, if you invest $100 per month for 10 years using Ndovu, into the S&P 500 fund, you could earn approximately $23,500,”  explains Ro Nyangeri.

The minimum investment on Ndovu is 5,050 Kenyan shillings (around $35). The Android version of its mobile app has already been downloaded more than 50,000 times. Since its launch, the fintech has received several awards. Among others, it won the She Loves Tech competition in 2021 and was selected for the Google for Startups Accelerator the same year.

Adoni Conrad Quenum