Early-stage startup incubator Digital Financial Services Innovation Lab (DFS Lab) has selected 9 startups for its US$100,000 Fintech incubation program, with Nigeria’s REACH making the cut.
The program seeks world class entrepreneurs, engineers, product managers, or other brilliant people looking to build digital services for millions of users, especially those in developing countries with little or no access to financial products.
Through the Design Sprint Methodology, these entrepreneurs go through a boot camp to design, prototype and test new ideas. They will also receive support and guidance from topnotch mentors to help bring their ideas to life.
The best ideas will receive grant funding of up to US$100,000 and six months of additional support from the DFS Lab.
The inaugural edition of the program held last year. Uganda’s Malako was among the startups that later received about US$400,000 of non-dilutive funding.
This year’s edition was announced some time in February 2017 with applications open to startups across the world. The finalists have now been announced and it includes Nigeria’s REACH.
Officially launched late last year, REACH is an innovative online group savings app built to help people save up for their big life moments.
REACH partners Zenith Bank to bring automation and security to savings plans. Also, REACH offers its customers discounts on high-priced items like cars and flights through its partnerships with vendors in Nigeria.
Also selected for the program is Ghana’s Inclusive, and Kenya’s Pezesha and Pula. All four startups, together with the other 5, will attend a boot camp in Sri Lanka from April 24 – 29, 2017, with the best ideas getting US$100,000 and six months additional support from the DFS Lab.