MEST has announced the top three performing Ghanaian tech startups that recently graduated from its Beta 2020 cohort of the MEST Express Accelerator program, in collaboration with the Mastercard Foundation.
The program aims to provide early-stage businesses with the expertise and tools they need to succeed.
These high-performing startups will receive grant funding and support in exchange for no equity, allowing them to resolve pressing needs and grow their operations.
Six startups, Bosea, PayBox, Oniocha, Motito, WeGoo, and Tukwan, competed in the finals, which were held at the MEST incubator in Accra, Ghana, and broadcast live online.
The final selection was made based on overall results and the final pitch.
The FinTech platform Bosea, a mobile technology and data science company that provides mobile loans in Ghana, won first place.
Via its mobile app, which offers instant credit scoring, lending, and other customized financial services, Bosea has received over 35,000 loan applications to date.
Bosea will receive $10,000 in grant funding for their Credify product, a lending-as-a-service platform that allows micro-credit and microfinance companies to completely digitize their operations.
It provides a set of Application Programming Interfaces (APIs) that support end-to-end customer journeys, allowing it to serve as a single forum for all credit decisions.
“Our participation in MEST Express exposed us to industry best practices. We had access to world-class experts in every aspect of business growth. We had a better vision and a strong strategy to get there by the end of the program,” said Paul Eshun, CEO of Bosea.
Second and third position, respectively Wegoo and Motito will each earn $6,000 and $4,000 to help them run their businesses.
The funding would also include critical tools to help these startups become more resilient.
MEST Express will continue to provide post-program funding to all six startups.
“An atmosphere where high-potential tech startups can be funded through capacity building and funding would contribute to the development of an ecosystem of thriving companies led by and employing young people in Ghana,” said Kofi Dadzie, Mastercard Foundation’s Ghana Program Lead for Digital Economy.
“When we launched the MEST Express program last year, we saw a need for an accelerator that was explicitly tailored to meet the critical needs of Ghanaian startups as a result of the pandemic’s impact. The fact that these businesses have grown over the last few months confirms that we are on the right track. I am very proud of the cohort as well as the grant recipients. “Bosea is a shining illustration of how hard work, perseverance, and a simple vision will get you through the most difficult times and even make you stronger as a result,” said Felix Darko, MEST Express Program Manager.