Most frequent questions and answers
The BongoHive FinTech Challenge is open to individuals or teams with an idea-stage or early-stage FinTech business that addresses the financial inclusion gap. The individuals or teams should be based in Zambia, and have a FinTech product/idea focused on Zambia.
The participants selected for the ideation session will be supported in refining and developing their FinTech business ideas and entrepreneurial skills. The twenty finalists selected for the Sprints will, in addition to the benefit of participating in the ideation session, be supported through:
- Business Modelling
- Customer Identification
- Financial Services Industry expertise
- Mentorship from Industry experts
- Exploring further opportunities
The two winners of the challenge will each receive mentoring by BongoHive and FSD Zambia experts, and K20,000 worth of technical support.
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 has been designed to help you to formulate your idea, validate the idea through business development training, and to develop a prototype (for the two winners). There will be a one-day virtual ideation session conducted, before the business development training, that will guide you in developing your idea using best practice. You will then be invited to submit your improved offering, after the initial virtual ideation session, for an opportunity to be selected as one of the twenty entrepreneurs invited to participate in the virtual sprints, and ultimately one of the two winners. The process is competitive and will require your commitment.
A 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 must be used for items that will help the winner to build a prototype/product for the business. This could be essential equipment (e.g. a laptop, internet devices, etc.), or subscriptions necessary for building, testing or implementing the prototype/product e.g. cloud hosting
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 time period, to each of the selected participants in the ideation sessions and the sprints. Internet Usage Policy will apply.