BongoHive FinTech Challenge
Do you have a FinTech business idea that addresses gaps in financial inclusion? Would you like to test that idea out with BongoHive and FSD Zambia?
Applications: Closed
Challenge statements
In order to attract new ideas that address current challenges in the Zambian financial landscape, BongoHive held two insight formation workshops with FSD Zambia and various financial sector experts and stakeholders. The problems outlined in the link below, and therefore Challenge Statements, are as a result of the insights shared by the participants.
Financial Literacy
The Problem:
Although the financial services market has been proliferated by various financial solutions. There still exists much to be desired where customer financial literacy is concerned. Most solutions are released to the market without adequate customer engagement and education.
The Challenge Statement:
The BongoHive FinTech Challenge is seeking ideas that will greatly enhance financial literacy among customers today, particularly those within rural and disadvantaged areas. The solution must show a deep understanding of the target group, must be easily understood and accessible and affordable for its users.
Differently-abled
The Problem:
Currently, there exist little to no financial interventions that look particularly at the plight of the differently-abled and their different financial needs. Existing solutions are often inadequately researched.
The Challenge Statement:
The BongoHive FinTech Challenge is calling all individuals with ideas of robust, clearly thought out financial technology solutions for members of society that are differently-abled. The solutions must show a deep understanding of those living with disabilities and the benefits of their chosen solution.
Investment
The Problem:
A number of people have disposable income and would like to invest part of that income. The dilemma is that people are not aware of the investment options that exist.
The Challenge Statement:
The BongoHive FinTech Challenge is looking for solutions that are able to address how people invest and get information regarding investment. The solutions can also be targeted at people of different income levels.
Savings
The Problem:
Whether is it saving for a rainy day or for a future goal, do you have a solution that can help people to save?
The Challenge Statement:
The BongoHive FinTech Challenge is looking for ideas that revolutionize the way that traditional savings are done. The platforms must be affordable and easy to use anywhere in the country.
Interoperability
The Problem:
There exists an array of financial products and services on the market today. However, these solutions often exist in silos, therefore increasing the cost and the difficulty of usage for the customer.
The Challenge Statement:
The BongoHive FinTech Challenge is calling all individuals with ideas that will significantly reduce the silos that exist in providing financial products and services. Your solution must exhibit end-to-end operability. It must be affordable, easily accessible, and user friendly.
Credit Scoring
The Problem:
It is difficult to know whether the person you are lending money to is trustworthy or not. This means that the lender takes a huge risk and this often leads to the request of collateral or high-interest rates.
The Challenge Statement:
Develop a credit scoring system that is not too complicated but is able to provide the lender some level of assurance that the person they are transacting with is credible and is able to pay back the loan.
Contact Us
Contact Info
Call: +26 095 301 7526
Email: [email protected]
BongoHive Technology & Innovation Hub
Plot 16948B, Thabo Mbeki Rd, Lusaka, Zambia
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