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Alba Iulia
Wednesday, August 10, 2022

Zambian fintech startup receives $1-million investment

Economy Zambian fintech startup receives $1-million investment

Lupiya, a Zambian based microfinance startup has received an investment of $1-million from Enygma Ventures, a US venture capital (VC) fund.
Founded in 2015, Lupiya is an online marketplace for microloans.

It is a branch-less, innovative digital microfinance platform that leverages technology to make the process of borrowing simpler and easier so that people and businesses located across the country even in rural, remote areas can access financial services.
Loans are tailored to either personal, business, or for women.

The investment will enable Lupiya to further its goals in fostering financial inclusion through its service offered, with a focus on ensuring women are able to participate in the economy through its financial inclusion strategy.

The fintech startup is working hard to close the gap and provide access to financial services to all.

Evelyn Kaingu, CEO and co-founder of Lupiya expresses her excitement on receiving the investment.

“We are thrilled with this investment, it has come at the right time in the interesting financial climate many businesses are experiencing as a result of the Covid-19 pandemic,”

Statistics have revealed that an estimated 70% of Zambians do not have access to formal financial services due to lacking the necessary collateral required to secure a loan.

Lupiya’s goal is to provide this 70% of Zambians access to financial services by 2022.

Sarah Dusek, Managing Partner and co-founder of Enygma Ventures explains that the investment will have a far-reach effect.

“We believe the access to capital is a key strategic initiative to enable job creation, enterprise stimulus and in turn economic growth.”
“We are excited to partner with Lupiya to make an extraordinary difference to the lives of particularly female Zambian business owners, who run small and medium sized businesses,” she said.

Muchu Kaingu, co-founder of Lupiya, expresses that the investment is integral to aiding the startup in reaching its goal but also in positively impacting the SADC economic region.

“This investment will enable us to continue ensuring Zambians can easily access financial services when they need them. We are excited to work with Enygma in transforming the economic outlook of the SADC region.”

12 COMMENTS

  1. Pabwato! Evidence of the positive business environment created by the pf government which is facilitating the pumping of money into the economy

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    • But aba, naimwe even in MMD companies were recieving funding, let’s just go to Chicagoes tunwe.

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  2. flag Corruption scandals: 48 Houses Social Security Cash Luxury Presidential Jet Ambulances Fire Trucks Mukula Trees Ndola-Lusaka Rd Malawi Maizegate Fuelgate Swaziland landgate Zesco Loans

    Now this is the kind of news I want read about my country…not this Lungu this, Sikiya that, HH this, everyday of the week.

    Kaizar Zulu, shut up and sit down. You don’t belong here… I’m pretty sure Lupiya and the Kaingus wouldn’t want their business to be associated with you and be tainted by your stench.
    As an aside that woman in the picture is beautiful… natural as they come! Sorry I just had to say it.

  3. Have watched THE DEN it is not easy to convince investors to put money in your business idea. Good luck guys, hope you got a better deal.

  4. This is a good development. We need more of such news. Not the beans we are being feed everyday.

    Well done folks. Make sure you repay on time, others will need the funds.

  5. Way to go Evelyn. Such great news for women entrepreneurs in Zambia

    not ma nonsense of displaying naked vulnerable young women ati Lusaka July, boo!

  6. This is good news and fortuitous for Lupiya. They give a good service to citizens. It’s very good news in this economy. Congratulations.

    It would have been really informative had the journalist of this piece also mentioned the financial full current value of Lupiya in total to give a perspective on whether the target to service 70% of Zambians is realistic. Unless of course the interest on the micro loans is so high as to grow their financial value to meet with that capacity. 1M doesn’t seem that much for such a target.

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