Enygma Ventures invests $1m in Zambian fintech startup

Enygma Ventures has made a $1 million investment in Zambian based microfinance startup, Lupiya. This investment will enable Lupiya to continue to scale and roll out its services, fulfilling its mission of ensuring Zambians, particularly women, are able to participate in the economy through its financial inclusion strategy.

“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,” says CEO and co-founder Evelyn Kaingu.

According to statistics, about 70% of Zambians do not have access to formal financial services simply because they do not have the necessary collateral they need to secure a loan. Lupiya is an innovative Zambian fintech solution that is working to close the gap for people without access to financial services and at the same time help Zambia achieve its goal of seeing 70% of Zambians accessing financial services by 2022.

Lupiya is a branchless, 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.

“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,” says Sarah Dusek, managing partner and co-founder of Enygma Ventures. “We believe the access to capital is a key strategic initiative to enable job creation, enterprise stimulus and in turn economic growth.”

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