Two Nigerian fintech startups, Esusu Africa Limited and Paddycover Insuretech have been selected for the Luxembourg House of Financial Technology (LHoFT) bootcamp holding in Luxembourg. The two startups make up a total of 11 fintech startups selected for the program.
For a period of one week, Esusu and Paddycover will join 9 other startups from other parts of Africa in Luxembourg where they will have access to training on important topics.
The trainings will cover areas including business model mapping, scaling strategies, peer due diligence processes, viability, business plan presentation, legal strategy, HR policy and marketing strategy.
Founded in January, 2017, Esusu has used Digital Payment Technology and Global System Mobile Device to manage and enhance transactions of the esusu scheme.
Knowing that quite a number of people save in the traditional esusu way, the fintech developed its own solution which employs the traditional model but eliminated certain flaws.
Some of the flaws that the fintech company took into consideration are; much paper work leading to loss of data due to errors, financial loss in the case of fire and flooding and other incidents, inaccessibility to digital financial services, low access to credit, and low financial literacy.
Developing a product that gives the benefits of the ‘esusu’ model of saving while also eliminating the shortcomings people have with it is one of the major aims of the Esusu platform.
Paddycover helps people access insurance services by providing a variety of policies that people can subscribe to.
“You can use PaddyCover to get weekly Car Insurance from as low as N150 per week or Health Insurance as low as N3500 per month.Paddycover
There are different ways users can pay for insurance policies using Paddycover’s platform. They include the daily, weekly or monthly payment plans, depending on the user’s preference.
The flexibility it offers helps to also promote financial inclusion. This perhaps is one of the reasons why the fintech startup was selected for the Luxembourg bootcamp.
From past bootcamps, the winner or best ‘Catapulter’ as the winner is called, claims the grand prize of €5000, a ticket to Slush, and an entry to the African Microfinance Week at the School of African Microfinance (SAM).
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