Nigeria and South African Startups Shine in the List of 10 Startups Selected for SBC Afritech 2018- Nigerian based Bankly Technologies for Savings One of Them
Startupbootcamp (SBC) AfriTech gave a list of 10 startups that it shortlisted to take part in its 2018 cohort all have “market-ready” solutions. According to the CEO of SBC, Philip Kiracofe, the sponsors of the accelerator are ready to work with the startups immediately. The announcement of the ten startups joining the second cohorts of the SBC accelerator based in Cape Town was made on 13th June 2018. That is the day when the two-day selection of the startups came to an end at offices of PwC in Cape Town.
The accelerator recently re-branded to Startupbootcamp AfriTech. This aimed at making the startup have a better focus on African technology. Its sponsors comprise of Old Mutual, Nedbank, Paribas, BNP, RCS among others. While making the announcement, Kiracofe promised the startups that the next three months are going to be exciting. He added that within the three months they are going to work with startups to ensure that they attain the growth they could have achieved in a span of 12 to 18 months. The ten selected startups were among the 22 shortlisted from over 100 applicants from 73 countries. This is after they had applied to be part of the accelerator’s three months program. The applications were made at the beginning of 2018. Some criteria were used to settle on the ten startups. The criteria included commitment, leadership and team skills. They also looked at the startup’s scalability of their respective products. Furthermore, the jury looked at competitive advantage, growth and market timing.
Below are the ten shortlisted startups.
South African based Prospa.
Prospa is a micro-saving platform for low-income earners in SA. It allows users to buy saving vouchers that give them a chance to set a given saving amount that is deposited into a mobi -saving account.
Kenyan based MPost.
This is a patented solution that gives physical addresses for around 95% of Africans who do not have a postal address. The addresses given are legally recognized.
Nigerian based CredPal. This is an innovative solution which uses in-depth data that gives individuals instant access to credit at the checkout point for different offline and online merchants.
South African based Brandbook Analytics. This is a mobile platform offering users free-gift cards coupons for the whole purchase. It gives them an ability to get vast amounts of consumer data and improved analytics and forecasting.
Nigerian based Bankly Technologies. This is a savings platform that digitizes cash and enables within country peer-peer transfer services through the use of vouchers.
South African based Lula.
Nigerian based Kudimoney Bank.
This is an online-only bank with full services at no cost. It makes banking services more accessible and affordable by giving interest-earning spending with no charges. It also provides a saving with account interest rates of above average and to access instant loans with low-interest rates.
Ghanaian based Inclusive Financial Technologies. Its API assists digital financial services get the most locally based clients within Africa. It does that by bringing them onboard, verify and keep an eye on them using digital channels.
Digitech Group from Ivory Coast provides cloud-based digital platforms to incumbent digital firms. This allows them to sell insurance products through the web and mobile.
South African based Akiba Digital. This is a financial saving site that acts as a personal saving trainer that uses artificial intelligence (AI), magnification and machine learning to make African wealth independent.
Every selected startup will each receive office space, €15 000, access to more than 100 mentors and a chain of venture capital firms, investors and industry partners. The startups will then be required to give back 8% equity stake in return for participating in the program. Launched in 2017 Startupbootcamp is the first accelerator that is based in Africa. More than 400 startups applied to be part of the inaugural cohort that includes Brownie Points, Dusu Pay, Fo-Sho, Got Bot, Just Now, Khoyn, MOBicure, Strider, Virtual Drive, and Yethu.
SBC AfriTech’s program will begin on 13th August 2018, and the climax which will also mark the end will be the Demo Day that will take place on 8th November.