Asilimia, a Kenyan Fintech digitizing payments for Micro, Small, and Medium Enterprises (MSMEs) has been selected among 14 Fintech start-ups that will take part in the 2021 edition of Catapult: Inclusion Africa fintech bootcamp.
Through the program, selected companies will receive intensive mentoring, coaching, peer to peer learning and dedicated workshops. This will be provided through various sessions in the bootcamp including; business model mapping, investment readiness, funding and capital raising, social impact, scaling strategy, building teams, operational management, advisory meetings with investors, and pitch development.
The Catapult: Inclusion Africa fintech bootcamp program is now in its third edition targeting companies that focus 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.
Catapult: Inclusion Africa Program which was developed by the Luxembourg House of Financial Technology (LHoFT) Foundation aims 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 the program, MSMEs are also able to channel their savings to access insurance and high-value loans.
In February 2021, Asilimia launched Leja, a digital ledger app that allows business owners to manage their transactions in real-time. The app allows Asilimia users to create simple cash-based accounting P&L records as well as keep a ledger of outstanding debits and credits while requiring zero technical or accounting knowledge.
The app also comes with an integrated mobile money infrastructure that allows users to send and receive online payments with reduced transaction fees by up to 90%, which Asilimia says can be channeled to access insurance and high-value loans.
Asilimia’s growing active subscribers have to date recorded transactions with a value of more than US$ 17 million (Sh1.8 billion)
Sponsors for the Catapult Bootcamp 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 edition will end on Thursday, May 27 with a digital pitching event open to the public, where the participating companies will showcase their innovations.