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Zambian Fintech, Lupiya bags $1million Investment

Lupiya, a Zambia-based online marketplace for microloans, has received an investment of $1-million from Enygma Ventures, a US venture capital fund.

Ola Olaoluwa
Ola Olaoluwa

Lupiya, a Zambia-based online marketplace for microloans, has received an investment of $1-million from Enygma Ventures, a US venture capital fund.

Founded in 2015, the innovative digital microfinance platform leverages technology to make the borrowing process simpler for individuals and businesses across Zambia, particularly those in rural areas. Lupiya loans are categorized as: personal loans, business loans, and loans for women.

This investment will help Lupiya to scale its activities and machinery towards its goals in fostering financial inclusion, with a focus on empowering women to participate in the economy.

Evelyn Kaingu, Lupiya CEO and co-founder of Lupiya expressed her excitement on receiving the investment, saying:

“We are thrilled with this investment, it has come at the right time in the interesting financial climate many businesses are experiencing as a result of the Covid-19 pandemic,”

Statistics have revealed that an estimated 70% of Zambians do not have access to formal financial services due to lacking the necessary collateral required to secure a loan.

Her goal is to provide this 70% of Zambians access to financial services by 2022.

Sarah Dusek, Managing Partner and co-founder of Enygma Ventures explains the effect they look forward to the $1 million investment having.

“We believe the access to capital is a key strategic initiative to enable job creation, enterprise stimulus and in turn economic growth.”
“We are excited to partner with Lupiya to make an extraordinary difference to the lives of particularly female Zambian business owners, who run small and medium sized businesses,” she said.

Muchu Kaingu, co-founder of Lupiya, similarly expressed that the investment is integral to aiding Lupiya to reach its goal, but also in positively impacting the SADC economic region.

“This investment will enable us to continue ensuring Zambians can easily access financial services when they need them. We are excited to work with Enygma in transforming the economic outlook of the SADC region.”

We look forward to this investment contributing to economic growth in Zambia, while also hoping to see several more of such investments in the African, and particularly the Nigerian fintech space, to foster financial inclusion and economic growth.


Macroeconomic View of Zambia

Region: Southern-central Africa

Population: 17.3 million

GDP per capita: $1,342.0

GDP per capita rank: 105 of 194 countries

Life expectancy: 63.84 years


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Ola Olaoluwa

Writer | Economist | Actor | Fashion Entrepreneur