BongoHive FinTech Challenge

The challenge will scout for budding startups in FinTech

Overview

Jun 10
BongoHive Innovation & Technology Hub Innovation Hub
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Zambia
Fintech

Do you have a FinTech business idea that addresses gaps in financial inclusion? Would you like to test that idea out with BongoHive and FSD Zambia?

About the challenge

The BongoHive FinTech Challenge seeks to discover and develop the potential of FinTech startups in Zambia.

The Challenge is open to entrepreneurs who have a FinTech business idea or an early-stage FinTech startup that aim to address the gaps in financial inclusion.

The BongoHive FinTech Challenge will be implemented through two 1-day ideation sessions for 30 participants each. 20 participants from the two ideation sessions will be selected to take part in 5-day virtual Sprint Challenges where two winners will be picked.


Challenge statements

In order to attract new ideas that address current challenges in the Zambian financial landscape, BongoHive held two insight formation workshops with FSD Zambia and various financial sector experts and stakeholders. The problems outlined in the link below, and therefore Challenge Statements, are a result of the insights shared by the participants.

 

VIEW CHALLENGE STATEMENTS

 


Benefits

To qualify for the BongoHive FinTech Challenge program you must be a FinTech or have an idea for a FinTech business.

A FinTech is defined as a business that uses technology and/or data to bring a new product, service or business model in the financial services sector (including Business2Customer, Business2Business, Business2Government, etc)

You can expect to develop your FinTech business idea and entrepreneurial skills through the ideation session and sprint challenge which involve:

  • Ideation
  • Business Modelling
  • Customer Identification
  • Financial Services Industry expertise
  • Mentorship from Industry experts
  • Business Development Support
  • Technical Support
  • Continued mentoring

Stages

You can expect to develop your FinTech business idea and entrepreneurial skills through the ideation sessions and sprints which involve:

  1. IDEATION
    • 1-day virtual Ideation events for participants based in Kitwe and Lusaka
    • 60 Participants (30 based in Kitwe and 30 based in Lusaka)
    • 20 entrepreneurs/teams to be invited to virtual FinTech Sprint Weeks for participants based in Lusaka and Kitwe
    • Kitwe Cohort: 22nd – 23rd June 2020
    • Lusaka Cohort: 29th – 30th June 2020
  2. SPRINT
    • Objective: Explore the potential of a business idea by validating the market and testing all assumptions
    • 5 day virtual sprint programmes for participants based in Kitwe and Lusaka
    • 20 entrepreneurs (10 based in Kitwe and 10 in Lusaka)
    • 2 winners (overall)
    • Kitwe Cohort: 13th -17th July 2020
    • Lusaka Cohort: 27th – 31st July 2020
  3. SUPPORT
    • 8 weeks of idea development support and K20000 worth of technical support for the two winning teams.
    • Mentoring from BongoHive and FSD Zambia experts
    • August 2020

 


Focus Areas

The BongoHive FinTech Challenge open to idea-stage and early-stage FinTechs targeting or operating in any one or more of the following focus areas:

Focus areas bongoHive Fintech 2020


Background

The BongoHive FinTech Challenge aims to support the growth of the digital economy and increase access to financial services for all Zambians, as a way to improve livelihoods. The program is implemented by BongoHive, with the support of FSD Zambia.

BongoHive
BongoHive is Zambia’s first technology and innovation hub. Established in May 2011 and based in Lusaka, the co-founders, all enthusiastic programmers, sought to address the gaps they experienced working within the local technology industry leading to a lack of coordination, skills exposure, and productivity. BongoHive has evolved to assist scalable startups of any background by enhancing skills, accelerating growth, strengthening networks, increasing collaboration, providing a forum for ideas exchange, and reducing the barriers to entrepreneurship.

FSD Zambia
FSD Zambia is a Zambian organisation working closely with key players throughout the economy to ensure that all Zambians are financially healthy, particularly the most excluded and underserved. We help rural families, women, youth, low income people, and other households in Zambia to understand and access a wide range of sustainable, comparable and affordable financial services. To expand financial inclusion, we collaborate with both public and private sector institutions to make financial markets work better.