WHY APPLY FOR THE CATAPULT – INCLUSION AFRICA 2022: THE TALE OF AN AFRICAN EARLY-STAGE FOUNDER

Its three days to the application deadline for another 2022 Cohort of the Catapult – Inclusion Africa program run by The Luxembourg House of Financial Technology (LHoFT), a public-private partnership organization founded by the Government of Luxembourg.

The Catapult - Inclusion Africa program, which seeks to make a significant impact on financial inclusion by leveraging Luxembourg's skilled ecosystem of entrepreneurs, finance professionals, and financial inclusion and impact specialists, is consistent with the sustainability vision of the country's financial sector. Creating synergies with possible partners, investors, microfinance institutions, and financial institutions, the initiative assists African entrepreneurs in achieving their inclusion objectives.

Since the launch of Catapult – Inclusion Africa, the LHoFT has supported over 50 mission-driven African startups working at the intersection of finance and technology to drive financial inclusion on the African continent. These incubated Startups have gone on to create incredible products and businesses that are transforming access to finance for millions of Africans across the continent.

From this perspective, I recommend any African fintech startup to apply for this program. Even with only three days remaining, it's still not too late. It is not too late to apply, since eMaisha Pay was among the 10 Startups who participated in the Dubai bootcamp and won the Catapult – Inclusion Africa Award despite applying on the last day of the application period earlier this year.

Even if you are not selected among the finalists, answering the application questions will allow you to reflect on all the assumptions / hypothesis you have made regarding the problem, solution, customers, market potential, and business model. And most significantly, having a panel of knowledgeable strangers evaluate your product / solution offering is valuable.

Building a startup in Africa is an arduous and solitary endeavor. We are discussing a continent where incubation hubs are uncommon, African-based accelerator programs are nearly nonexistent, venture capital firms are a mystery in many countries, mentors knowledgeable about tech startups are a pipe dream, and there are few Startups success stories from which to learn. In this region, it is difficult to publicize your idea / product in order to attract the attention of formidable potential partners, worldwide venture capital firms, angel investors, and mentors. This leaves many founders on a desolate island with dashed hopes and dreams that might have transformed the continent.

Numerous international organizations from the western world have developed a variety of initiatives to address these issues, primarily focusing on providing grants to help startups enter the market and test their hypotheses regarding the various components of their business model. But the Luxembourg government, in collaboration with the private sector, is changing the development support landscape. Through the Catapult – Inclusion Africa program, the government of Luxembourg is giving African entrepreneurs access to the whole Luxembourg financial ecosystem, as well as the European Union, as Luxembourg is one of the top financial centers in Europe.

In June of this year, I spent three weeks at The Luxembourg House of Financial Technology representing eMaisha Pay as a member of LHoFT, thanks to the Catapult - Inclusion Africa program. During these three weeks, we were able to connect with venture capital firms, banking institutions, development organizations, cybersecurity firms, and even top fintechs, all of which were focused on Africa and emerging markets in general. This type of access enables African founders to establish strategic partnerships with organizations such as ADA, Inclusive Finance Network Luxembourg, Alliance for Financial Inclusion, Backbone, Luxembourg Chamber of Commerce, etc., and to engage with investment funds such as PROPARCO, Bamboo Capital Partners, and many others based in Luxembourg, France, Germany, and the entire European Union, thereby making it easier for African entrepreneurs to raise venture capital and grow their companies, and create the much needed impact on the continent.

In addition to the partnership and investment options, one of the most important advantages of joining the Catapult – inclusive Africa program is the coaching and mentorship from active founders, previous founders, and industry leaders. Our participation in the most recent program held in Dubai offered us access to dozens of these individuals, and we were able to have one of them join our Board of Directors. We are excited to learn from her 15 years of rich experience in the financial inclusion space. Access to these mentors, who understand what it takes to build scalable businesses and who specialize in fintech, is extremely uncommon on the continent.

If you are a startup building financial products for unserved and underserved markets on the African continent, I implore you to set aside three hours and apply; it will be a turning moment in your Startup Journey. The beauty of this 2022 cohort is that it will take place in Luxembourg at LHoFT, which will provide an opportunity to not only tour the various historical sites of this magnificent country of less than one million people, but also engage physically with key stakeholders in its financial ecosystem, in addition to the incredible team at LHoFT that shares your passion for financial inclusion in Africa.