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Lupiya, Zambian microfinance startup raises $1M investment

The funding will help Lupiya scale their services to create a more financially inclusive society covering everyone

Lupiya

Enigma ventures (a US Venture Capital fund) has announced an investment of  $1 million into Lupiya, a Zambian micro-finance startup. The funding will help Lupiya scale their services to create a more financially inclusive society covering everyone, especially women.

Nationwide statistics show an overwhelming majority of Zambians lacking access to formal financial services due to a lack of conventional financial tools such as collateral that are vital in securing loans. Lupiya remains an innovative Zambian fintech working towards the country’s goal of including 70% of people across the country with access to financial services by 2022.

Operating on a lean startup model, they have no physical branches instead they rely on technology to simplify the borrowing process. This ensures residents of both rural and urban centers can access financial loans.

Evelyn Kaingu, the CEO and co-founder of Lupiya considered it as an investment “at the right time” and during an “interesting financial climate.”

Sarah Dusek, the co-founder and managing partner at Enygma ventures expressed her excitement over the new partnership with Lupiya, describing it as an avenue to provide “access to capital” which is vital in “Job creation, enterprise stimulus and in turn economic growth.”

Lupiya was shortlisted as one of the 11 female innovators representing the Southern Africa Development Community (SADC) region to participate in their  R100-million cohort back on January 30.

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