Uganda’s MajibuAfrica named among 15 finalists in Pan-African embedded finance competition

A Ugandan tech company, MajibuAfrica, has been selected as one of 15 finalists in a continent-wide competition designed to identify Africa’s most promising embedded finance startups, beating out more than 500 applicants from 48 countries.

The company, founded by Janis Zicans, made the cut in the inaugural Renew Venture Lab: EmFi Series, an initiative run by pan-African investment firm Renew Capital. The results were announced this week in Kigali, Rwanda.

MajibuAfrica was one of only two East African companies to reach the final 15, alongside Zendawa of Kenya. The remaining finalists were drawn from Ghana, Nigeria, Senegal, Ethiopia, Morocco, South Africa, Togo and Zambia.

The competition set out to identify tech companies that, while not traditional fintechs, are well positioned to embed financial products into the services they already offer small and medium-sized enterprises (SMEs). Renew Capital said such companies — spanning digital payments, logistics, agriculture and healthcare — often hold rich customer data and established trust with SMEs that conventional banks have struggled to reach.

The stakes are significant for Uganda and the wider region. Africa’s SMEs, widely regarded as the continent’s primary engine of job creation, face an estimated $330 billion annual credit gap, according to Renew Capital. At the same time, smartphone adoption across sub-Saharan Africa is projected to climb from 54 percent in 2024 to 81 percent by 2030, a trend the firm says is opening new avenues for reaching underserved businesses through mobile-based financial tools.

Matthew Davis, Co-CEO of Renew Capital, said the firm believes the next wave of financial service providers for African small businesses will not be conventional banks but startups already embedded in SME operations. He said companies like those selected in the programme have an inherent advantage because they already understand how small businesses function and have access to their data.

All applicants to the programme were given access to expert sessions featuring founders of some of Africa’s fastest-growing companies. From the full pool, 47 companies advanced to a pitch competition and received startup support packages valued at more than $250,000 each. MajibuAfrica was among the 15 that progressed further, qualifying for advanced technical training and consideration for investment.

Uganda’s inclusion in the final cohort adds to a growing list of local tech firms drawing international investor attention, as the country’s startup ecosystem continues to expand around digital payments, agri-tech and SME-focused platforms.

Renew Capital has not disclosed a timeline for final investment decisions among the 15 finalists.