We bring together thought leaders and industry veterans to help FinTechs build and scale


Friday, 27th August 2021,

23:59 hours

Information Session

Do you want to know what the BongoHive FinTech Challenge Inclusive Insurance edition is all about? Watch our Info Session and find out everything you need to know about the Challenge.

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Most frequent questions and answers

The BongoHive FinTech Challenge is open to early or growth-stage FinTechs with ideas that address the financial inclusion gap. Early-stage fintechs should have a product in the market that they are testing, and growth-stage fintechs should be established but looking to scale. The FinTechs should be based in Zambia, and have a FinTech product/idea focused on the Zambian market.

  • Early-stageBusinesses with a tested prototype/service model and have developed a business plan – they may be generating early stage revenue.
  • Growth-stageBusinesses in commercial operation with solid traction and existing customers – they are generating recurring revenues.
  • Inclusive Insurance – Insurance products targeting unserved,  underserved, vulnerable, or low-income populations.
  • Product Sprint – A series of workshops that allow businesses to reduce the risk associated with bringing a new product or feature to market, and to answer complex business questions within a very short time.

The FinTechs selected for the Challenge will be supported in refining and developing their Inclusive Insurance product/service. The five FinTechs and Insurers selected will be supported through:

  • Business Modelling
  • Customer Identification
  • Financial Services Industry expertise
  • Coaching from Industry experts
  • Prototyping

The BongoHive FinTech Challenge is open to entrepreneurs who are based in Zambia, and have a FinTech idea/product focused on Zambia. However, future BongoHive FinTech Challenge cohorts may be expanded to include entrepreneurs from a wider geographical area.

The BongoHive FinTech Challenge is only open to early and growth-stage fintechs. Early-stage fintechs that are post-revenue, beyond the idea stage, with a testable product in the market are eligible to apply.

FinTech is defined as technology and innovation that aims to compete with traditional financial methods in the delivery of financial services. This could be in various sectors including health, education, agriculture, mining, etc. and in any of the categories listed on this website (https://bongohivefintech.co.zm/#focus). 

We are particularly interested in solutions that address the challenge questions we identified through our engagements with local finance experts which can be found in the challenge statements area of this website (https://bongohivefintech.co.zm/challenge-statements/). The challenge statements are not exhaustive and are only meant to guide you as you structure your solution, which may address one or more of the problem areas identified.

 No. The money will be used to help the winners to build a live prototype for the business. 

BongoHive and FSD Zambia recognize that it may be challenging for participants to fully participate in virtual sessions due to poor or lack of internet access. Data bundles will be provided, for a limited period, to each of the selected participants in the Challenge. Internet Usage Policy will apply.