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5 AFRICAN STARTUPS SELECTED TO PITCH AT ‘THE MIGRATION CHALLENGES STARTUP COMPETITION’

MAHLATSE TOLAMO | JANUARY 10, 2019

Photo : Co – Founder of MaxiCash Tania Mukwamu

We are excited to announce that one of our Fintech startups, MaxiCash, is amongst 5 African startups selected to pitch at the Migration Challenge Startup Competition in Ecuador. The competition lead by the International Organisation of Employers (IOE) and Seedstars, targets the most promising HR, Fintech, Civitech and EdTech startups with solution-orientated products to improve migration systems that respond to the labour market.

MaxiCash is a financial support ecosystem built around Smart Remittance and Electronic Payments for the African Market and its diaspora to help support their families and enhance people’s lives. It extends its service by being a payment solution to cater for untapped markets allowing consumer to receive or make payment electronically through its Ultimate Virtual Wallet. The App is easy to use and paperless, allowing users in diaspora to enjoy faster and inexpensive transactions.

The founders – Tania Mukwamu and Ruddy Mukwamu – are both from the Democratic Republic of Congo (DRC). Their experiences with sending remittances to the DRC was the primary inspiration for MaxiCash. This is the case for many Africans in diaspora who financially support their families through various money transfer platforms. Challenges include inconvenience; costly; time-consuming paperwork; high risks, funds being non-transferable and singular.

Migration is one of the biggest challenges in our century as it accounts for a large share of intraregional mobility. It is largely represented by young people migrating from one country to another searching for better socio-economic opportunities. Through the competition, technology and entrepreneurship were identified as essential features to foster innovative solutions both for the integration of migrants in the workplace in their host countries as well as for the facilitation of access to information for the government to build appropriate facilities. MaxiCash’s product is one such solution.

The Migration Challenge 2020 is the first of its kind and aims to reward the winning startup with tools to bridge the gap between integration of migrants in the labour and economic markets. 22 ON SLOANE is proud to have MaxiCash as part of the family and wishes them and all finalist the best of luck.

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