The 2023 Africa Fintech Summit held in Lusaka, Zambia, witnessed the rise of Zambian fintech trailblazer, Save & Remit. Established in 2020, this innovative startup took the top spot in the Alpha Expo Micro-Accelerator pitch competition, making waves with its digital savings platform designed for cooperatives and small and medium-sized enterprises (SMEs).
A Triumph in Fintech
Save & Remit's standout performance in the Alpha Expo Micro-Accelerator pitch competition saw the Zambian fintech secure a $2,500 cash prize, surpassing 14 other startups in the race. This victory underscores the innovative and transformative potential of African fintech enterprises.
At the core of Save & Remit's offerings is a digital savings platform tailored to cooperatives, SMEs, and beyond. This innovative solution empowers users to effortlessly save and manage their finances through their mobile phones, opening up new avenues of financial growth and stability.
Key Features of Save & Remit's Platform
Save & Remit's digital savings platform integrates several vital features:
1. Digital Ledger Book: Users can maintain digital records of their transactions and savings, streamlining financial management.
2. Digital Identity: The platform enhances digital identity management, simplifying access to financial services.
3. Digital and Financial Literacy Tools: Save & Remit equips users with valuable tools and resources for improved financial literacy.
4. Disbursement Functionalities: It offers smooth disbursement options, facilitating transactions and cooperative activities.
5. Security Measures: Stringent security protocols ensure users' financial data remains protected and confidential.
Empowering the Informal Sector
One of Save & Remit's distinguishing aspects is its accessibility to the informal sector. Village banking groups, SMEs, cooperatives, and MSMEs all benefit from the platform's transformative financial capabilities, making it a pivotal tool for driving financial inclusion and stability.
Founder Putty Muuka reflects on the victory, stating, "It's great to win the pitch competition among such great other startups. In terms of our platform, we look forward to expanding beyond Zambia as research shows there is significant demand for the kind of service we offer." Save & Remit's vision extends far beyond its current boundaries, aiming to address financial needs on a broader scale.
As the judges of the pitch competition noted, fintech winners like Save & Remit are developing products that solve issues spanning multiple sectors. Their focus on scalability and a deep understanding of their customers sets them on the path to transformative impact.
The AlphaExpo Micro-Accelerator: A Catalyst for Fintech Growth
The 6th AlphaExpo Micro-Accelerator and Pitch Competition, part of the Africa Fintech Summit, serves as an ecosystem initiative that empowers early-stage startups. Participants gain the opportunity to pitch their ideas, showcase their products, engage with potential investors and partners, and compete for growth-enabling prizes. The impact of this program on African fintech is evident as alumni have raised over $200 million and include industry leaders such as MarketForce, Yellow Card App, Asaak, Piggyvest, ArifPay, Payhippo, and more.
The Future of African Fintech
With Save & Remit's remarkable victory as a testament, the future of African fintech is brimming with promise. As the 11th edition of the Africa Fintech Summit is anticipated in Nairobi, Kenya in 2024, we can look forward to witnessing even more groundbreaking innovations and visionary startups that will shape the continent's financial landscape.