LHoFT Foundation has announced ten (10) fintech startups selected to take part in the 2022 edition of the CATAPULT: Inclusion Africa: Special Edition in Dubai. Among the 10 include two Ugandan startups; eMaisha Pay and International Airtime Top Up that will join eight (8) other startups are from Ghana, Ivory Coast, Nigeria, South Africa, and Zimbabwe in Dubai, UAE this week till the end of the month, March 2022.
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.
This special edition of CATAPULT: Inclusion Africa is 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.
Franz Fayot, Minister of the Economy and Minister for Development Cooperation and Humanitarian Affairs, said “Fintechs empower and target groups that have been left behind by the traditional financial services.” “As such, the Luxembourg Development Cooperation continues to actively support game-changing inclusive finance ventures.”
Fayot added that the Cooperation is specifically targeting companies that focus on financial inclusion in Africa and the Middle East and North Africa (MENA) region while leveraging Luxembourg’s Inclusive Finance and Fintech ecosystem.
This Dubai edition of CATAPULT: Inclusion Africa will leverage Luxembourg’s Microfinance and Fintech ecosystems with a host of mentors and specialists from Luxembourg flying to Dubai to provide their contribution to the program. Key stakeholders, partners, and mentors from the MENA region will also support the program a sign of the strong relationship and collaboration between Luxembourg and the UAE.
During the three-day program, expert speakers and mentors from Luxembourg and UAE will support the selected firms in developing their businesses and achieving their inclusion goals, creating synergies between them, partners, sponsors, investors, Microfinance institutions, and Public Financial Institutions.
“We are excited to deliver our Catapult program in Dubai,” Nasir Zubairi, CEO of the LHoFT said. “This a great demonstration of international collaboration between the UAE and Luxembourg, and we believe all mentors and stakeholders involved will benefit from the ecosystems coming together through the Catapult program.”
eMaisha Pay is a mobile platform that leverages machine learning, alternative data, and psychometric parameters to credit score SMEs in Africa, empowering them with quick, affordable, and non-collateral working capital for business growth. The use of alternative data and advanced psychometric analytics is helping the company to eliminate the information asymmetry, hence generating additional information to assess the credit risk of SMEs.
“Our credit scoring model makes it possible to serve SMEs that had no access to finance in the past. eMaisha Pay seeks to transform the traditional lending process by automating customer onboarding, loan origination, decisioning, disbursement, and loan servicing tasks,” says eMaisha Pay CEO, Sserubiri Uhuru.
International Airtime Top Up
International Airtime Top Up is an inclusive ICT and mobile financial services company that helps increase financial inclusion both locally and globally with simple, scalable, and sustainable solutions. Through its Gateway Technology, the fintech company combines cross-network/border airtime, mobile money, and bank low-cost transfers across the world with over 80 destination currencies supported.
Notably, Uganda will be well represented at the Dubai Expo, the Ministry of ICT and National Guidance through the BPO and Innovations Council on March 16th, flagged off five (5) innovators; Martin Mukama (PRISMS), Hareesh Sahadevan (EMVIGO TECHNOLOGIES), Lydia Nakayenze (ONCAPLANTA), Mohammed Muwonge (BADAYE TECHNOLOGIES), and Francis Nkurunungi (XENTE APP) to represent the Ugandan ICT sector at the Dubai Expo.
“By sending Ugandan Innovators to the Dubai Expo, we believe that they can experience breakthrough technologies and learn about disruptive innovations that we are confident, they will bring back home,” Ps. Ministry of ICT and National Guidance, Dr. Aminah Zawedde told journalists during the flag off. She noted that the Dubai Expo 2020 has given Uganda a chance to experience global innovations and most importantly a platform to showcase Uganda’s BPO and Innovation ecosystem.
While at the Dubai Expo, these 5 innovators will be part of the Opportunity Pavilion which reflects the necessity of financial capital as a resource to support growth, and partnerships as a primary driver of innovation and employment. They will get the opportunity to interact with investors looking to support innovation as a driver of employment.
The Dubai Expo is a global event that links innovation, technology, art, and culture to offer a great experience. The Universal Exhibition held in the United Arab Emirates (UAE) from October 1st, 2021 to March 31st, 2022, is the first of its kind to be held in an Arab country. Over 200 countries from different parts of the world mark their presence at the expo to share and present the world with their best & new ideas, projects, and innovative models in the field of tangible and intangible infrastructures focusing on the themes of the Universal Exhibition.