ImpactAlpha, November 3 — Catalyst Fund, the global inclusive tech accelerator managed by BFA Global and Philanthropy Advisors, secured $4.3 million in November last year for a new program — supported by Mastercard Foundation and MEST — aimed at helping Ghana’s micro and small businesses adopt digital services.
The Inclusive Digital Commerce Accelerator program announced its inaugural cohort earlier this year. It’s second cohort includes OZE, a fintech mobile app helping small businesses access credit online; Shopa, an online marketplace for informal retailers to restock on products; Swoove, an affordable delivery app for small businesses; and Tendo, a mobile app that allows users to sell products using WhatsApp and get paid. Each startup will receive grants of up to $120,000, and access to Catalyst Fund’s network of investors and corporate partners.
COVID has accelerated the digitization of small businesses worldwide. ‘B-to-small B’ enterprise tech ventures, such as Boost and KudiGo in Ghana, are using digital data to expand credit and financial services to small businesses traditional sources don’t reach. (for context, see “New channel of capital for small businesses worldwide: enterprise tech startups”).