Lupiya, a female-led Zambian microfinance startup, has clinched the top spot at the GITEX Africa Supernova Challenge during Morocco’s GITEX Africa 2024 event. The conference is the continent’s most significant technology and digital economy trade show, attracting over 30,000 visitors.
Founded by Evelyn Kaingu and Muchu Kaingu, Lupiya’s victory has sent excitement through Africa’s tech, innovation, and investment ecosystem, positioning Lupiya as a trailblazer in the continent’s financial inclusion drive.
“I still have to pinch myself!” says Evelyn Kaingu, Lupiya’s co-founder and CEO, beaming excitedly. “Winning the overall GITEX Africa Supernova Challenge has been an absolute adrenaline rush! This win further validates our Lupiya team’s hard work over the years.
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But more than that, it gives us the visibility and credibility to drive our mission forward at full speed across Africa. The interest and opportunities from GITEX have been overwhelming in the best way. We’re buzzing with ideas to expand access to financial services for the underserved.”
Evelyn emphasises the significance of this win for the African tech scene and Lupiya’s trajectory. “Most importantly, I hope our story inspires other Zambian innovators to dream big. If we can impress global investors, there’s no limit to what our people can achieve. Get ready, Africa, because an era of brilliant African innovators is inevitable!”
GITEX Africa’s Prize Financial Boost for Lupiya
As part of the victory, Lupiya received a $50,000 prize, which Evelyn notes will significantly affect their startup operations. “For a startup focused on financial inclusion, every dollar counts towards our mission of reaching more underserved communities. This influx of funding will turbocharge our efforts to fine-tune our products, services, and reach.”
Reflecting on Lupiya’s journey, Evelyn shares insights into their challenges as a fintech startup in Zambia. “Launching into a new sector, especially as a startup, isn’t for the faint of heart,” she says. “One of the first hurdles we faced was building trust in a new sector: Fintech was a relatively new concept in Zambia. Educating our target audience about the security and benefits of Lupiya’s platform took time and strategic communication.”
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A Bright Future Ahead
Looking ahead, Evelyn is optimistic about Lupiya’s future. “Lupiya’s future is bright! We are expanding our product offerings to provide a wider range of financial services, payments, and enhanced mobility through a mobile app. We also have ambitious plans to scale our operations across the region.”
Lupiya’s win at the GITEX Africa Supernova Challenge validates their innovative approach to financial inclusion and underscores the potential of African startups to drive meaningful change across the continent.