Fintech Startup Mosabi Completes Société Générale Accelerator Program
This past June, Société Générale, a French multinational bank, launched the second edition of its Tam-Tam hackathon. Following the inaugural program held in Abidjan, Cote d’Ivoire last year, applications for this round were accepted from across the African continent and the hackathon was held digitally on the bank’s dedicated platform. The goal of the Tam-Tam Hackathon is to spark innovation and development in Africa, as well as connect the bank to the informal sector. As part of the reward, the bank offered the winners a month-long, intensive acceleration program with the goal of preparing them to pitch to the Societe Generale team for potential partnerships.
Societe Generale partnered with SystemicLogic Group, a South Africa-based consulting group, to design its acceleration program. The first of two winning teams from the hackathon to go through the program was Mosabi, a Fintech startup. MEST Africa was brought onboard to implement the program, providing facilitators from its robust community of investors, experts, and thought leaders, as well as lending its newly opened Nairobi incubator space for the program.
[caption id="attachment_7511" align="aligncenter" width="500"] Design Thinking Session with Oliver Makonjio[/caption]
Mosabi, formerly known as InvestED, proposed a solution which addresses the lack of financial literacy in the grey sector. They offer localized, bite-sized learning courses accessible on low-tech mobile phones. Using platform analytics to track user engagement and performance, Mosabi is able to provide alternative credit scores to banks, unlocking access to loans for underserved groups.
So far, Mosabi has run pilot projects in Sierra Leone and Senegal, which has allowed them to continuously test and iterate their solution. Alongside healthcare startup Yup Prévoyance, Mosabi emerged as one of the two winners set to establish a partnership with the bank following a month-long, intensive “excubation” - an incubation program executed offsite.
This month, the Mosabi team made their way to Nairobi, Kenya for the programme, during which they had the chance to interact with industry experts and mentors sourced from the MEST Africa and SystemicLogic networks, and gain knowledge in a variety of key business areas, including financial modelling, data collection, corporate partnerships, scaling, pitching and design thinking. Today, Mosabi is one step closer to actualizing its vision of linking Africa’s informal sector to financial opportunities through mobile learning.
“We’re tremendously grateful to have been named the winner of Société Générale’s Tam-Tam Hackathon. The support provided by the 1-month incubation at MEST was invaluable - we refined our strategy, business model and technological approach to put ourselves in the best possible position for a successful launch,” reflects Chris Czerwonka, Mosabi co-founder and a participant in the accelerator programme.
As the accelerator programme draws to a close, Mosabi is set to pitch its revised business plan to a panel of judges at the newly opened MEST incubator in Nairobi, this Friday the 19th of October. The panel will provide further feedback as Mosabi continues to refine their solution. Thereafter, Mosabi plans on using the knowledge accrued throughout the experience to optimize their business as they prepare for their market launch in Senegal.
This accelerator program is one example of how MEST Africa continues to forge partnerships within and beyond the African ecosystem. We are open to offering similar programs with other organizations across the continent. To follow more of Mosabi’s journey beyond the program, check out their Twitter and Facebook pages.
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