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Stanbic Bank
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Stanbic Bank
Stanbic Bank

Six local startups to benefit from World Bank project

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Uganda will be represented by six startups among 100 firms from across the continent that were Thursday announced as winners of The Next 100 African Startup Initiative.

The Next 100 African Startup Initiative is a project funded by The International Finance Corporation (IFC), which is part of the World Bank.

The selected startups are attending the Africa 2018 Forum in Sharm El Sheikh, Egypt, which started Friday and will end on December 10, 2018.

The event will be graced by the presidents of Zimbabwe, Nigeria, Rwanda, and Togo.

The six Ugandan startups are Xente, ZimbaWomen, Swipe2Pay, e-fundi, Four one Financial Services and Superchillo Investment Ltd.

e-fundi is a company started to help drivers locate nearby professional mechanics and garages when traveling long distances and they suffer mechanical problems.

Tryphine Kemigisha, the founder of e-fundi says she got the idea of starting the company after a problem she encountered with her uncle while traveling upcountry.

Their vehicle suffered a mechanical injury and it took them 2 days before getting it resolved. In the process, thieves attacked them and stole some of the property that belonged to the World Food Program which her uncle had carried. He lost the job and trouble began.

e-fundi services can be accessed through a mobile application and website.

Superchillo Investment Ltd. and ZimbaWomen are social enterprises designed to help farmers and women respectively.

Xente, Swipe2Pay, and Four one Financial Services are fintech companies. (Click on each for more details from our previous reports.)

The Next 100 African Startup Initiative — which the IFC runs in co-operation with the Egyptian Ministry of Investment and International Cooperation (MIIC) — aims to provide up-and-coming small businesses with funding and advice.

According to data provided by IFC, most of the startups that won are from North Africa (36), which is followed by West Africa (35). East Africa which had 19 was led by Kenya (7), followed by Uganda (6), Ethiopia (1), Tanzania (2) and Zambia (3).

Central Africa sent six and South Africa will be presented by four.

The selected firms are from 25 countries and operate across more than 12 sectors which include big data and analytics, logistics, health and wellness, edtech and cleantech.

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