This archive report was first published on 8 July 2020.
On July 8, 2020, Lupiya, a Zambian-based microfinance startup, made headlines after securing $1 million from Enygma Ventures to help it scale and roll out its services.
According to Lupiya's CEO and co-founder Evelyn Kaingu, the investment has come at the right time, especially in the current financial climate affected by the Covid-19 pandemic.
With this funding, Lupiya aims to continue ensuring Zambians, particularly women, can easily access financial services when they need them.
As of 2020, about 70% of Zambians lacked access to formal financial services due to the lack of necessary collateral to secure a loan. Lupiya is working tirelessly to close this gap and help Zambia achieve its goal of seeing 70% of Zambians accessing financial services by 2022.
Enygma Ventures' Managing Partner and co-founder Sarah Dusek expressed excitement about partnering with Lupiya, stating, 'We believe the access to capital is a key strategic initiative to enable job creation, enterprise stimulus, and in turn, economic growth.'
