Rwanda partners with CcHub to launch Fintech Innovation Project
Over the last decade, Rwanda has worked hard to establish itself as a tech hub. Despite only being a small market, it has aimed to attract serious investors and startups alike.
The government has recently partnered with Co-creation Hub (CcHUB), Google and Mojaloop Foundation to launch the Fintech Innovation Project.
As part of the initiative, Nigeria-based CcHUB will be supporting early-stage fintechs and innovators with an incubation programme. There will be two cohorts of 15 startups over the course of the year, with a $10,000 grant to each selected company.
In addition to the support and access to Mojaloop and Google resources, the incubation programme will create the opportunity for selected companies to receive further investment through the project partners’ investor networks.
Arguably, the most-well known startup associated with the East African country is Zipline, a drone delivery-company that launched in Rwanda in 2016. The California-based company made headlines using drones to deliver blood. It has since been valued at well over $1bn and has expanded into retail and e-commerce.
Another interesting Rwanda-based company is Ampersand, an electric motorbike company, which raised $9m in debt last year to fuel its expansion, with plans to enter Kenya.
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Source : African Business