Asilimia selected as one of the 14 firms for the Catapult: Inclusion Africa 2021 fintech bootcamp
Asilimia, a Kenyan fintech is among the 14 Fintech start-ups selected to take part in the 2021 edition of CATAPULT: Inclusion Africa fintech bootcamp. Through the program, selected companies will benefit from intensive mentoring, coaching, peer to peer learning and dedicated workshops. This will be through various sessions which include; business model mapping, investment readiness, funding, and capital raising, social impact, scaling strategy, building teams, operational management, advisory meetings with investors, and pitch development.
Developed by the Luxembourg House of Financial Technology (LHoFT) Foundation, the program now in its third edition targets companies focusing on financial inclusion in Africa, aiming to build bridges between Africa and Europe; and concurrently, highlighting their initiatives that are very much aligned with the sustainability goals of Luxembourg’s finance centre.
Asilimia, is an android/USSD app that digitizes payments, enabling 90% savings on mobile money transactions fees for its users.
The app’s proposition is to cut down mobile money transaction costs for Kenya MSMEs (Micro, Small, and Medium Enterprises) and especially for low-value, high-frequency transactions. It also pioneered the ‘send to many’ function which other industry players have previously overlooked. Through Asilimia, MSMEs are also able to channel their savings to access insurance and high-value loans.
Sponsors for the program include the Ministry of Foreign & European Affairs – Directorate for Development and Humanitarian Affairs, and supported by the Alliance for Financial Inclusion as well as key strategic partners such as ADA, InFine, University of Luxembourg, LuxFlag, Innpact, LuxAfrica, ACRC, MicroInsurance Network, CGAP, LMDF, SPTF, UABA, the European Investment Bank and Compellio.
The 2021 program will end on Thursday, May 27 with a digital pitching event open to the public, where the participating companies will showcase their innovations.