Announcements of top innovations
The Digital Financial Services Lab’s first bootcamp winners for its entrepreneurs and startups have been recently declared. This global initiative has successfully brought 20 of the most talented entrepreneurs together to work on projects for Bill and Melinda Gates Foundation. The purpose of this program is to push entrepreneurs to play a catalytic role in expanding the range of technological services in poor and rural areas.
AT a seven day bootcamp in Dar es Salaam – Tanzania, participants from TEN countries were asked to present their solutions in front of the DFS Lab’s expert board. This was an opportunity for entrepreneurs to get advice and mentorship from industry’s experts. The entrepreneurs were also given the chance to get an award of over $2 million of the total investment along with an intensive mentorship of further six months.
The funding grant was divided among four stand-out ventures that were Yooz (India), Credit Fix (Pakistan), Malako (Uganda), and SERV’D (India). These ventures were admired for building new financial services for the developing market with their advance approach. The services of these ventures are
Yooz: This service is aimed to create an environment where anyone can receive funds at any place with the help of any platform, message, or device. It provides quick remittance transfers of any value at preferential exchange rates.
Credit Fix: This service targets the low income group and provide services that can ultimately help in improving their living standard. It helps consumers with less income to build credit scores and secure loans for revenue generating assets including taxis or auto-rickshaws.
Malako: It aims to provide credit facilities for low income sections of the society with the help of affordable, flexible, and accessible credit lines for utility payments. Larger payments such as school fees, rent, and salaries will be provided soon after this.
SERV’D Tech Pvt. Ltd (SERV’D): This service is intended to bring professionalism, discipline, and accountability among the working people including maids, housekeepers, drivers etc. This labor force occupies a greater section of the working population and this service will ensure the individuals are registered. A legitimate legal work and wage history will be created to enable them for accessing financial products.
According to the director of DFS Lab, Dr Jake Kendall, this Lab has the capability to bring a change in the developing economies along with expansion and profitability. The team is looking forward for innovative concepts that can broaden the digital infrastructure in less developed economies and could lead to long-term improvements in living standards of the people. The expert team of DFS was impressed by the level of skill, experience, and perspective of the talented entrepreneurs and aims to help them reach full potential of their capability.
Via: Fintech Finance