Evelyn Chilomo Kaingu is a Zambian businesswoman and innovator who embarked on her journey to make an impact with a modest investment of $500. Her goal was to transform the country’s financial sector. Inspired by her experience as a salaried employee who struggled to secure a loan to start a business, she became passionate about creating accessible financial solutions for individuals facing similar challenges. This led her to establish Lupiya, a fintech startup that bridges the financial gap for underserved communities.
Lupiya operates as a neobank (i.e, fintech or digital banks), offering online loans, payments, and investment opportunities without physical branches. Its primary objective is to provide financial services to individuals and small and medium-sized enterprises (SMEs), emphasising empowering women entrepreneurs. Lupiya leverages technology to streamline the borrowing process, making it more efficient and user-friendly.
Promoting financial inclusion is at the core of Lupiya’s mission. The company uses alternative data and advanced machine learning models to assess creditworthiness, enabling it to extend credit to segments traditionally overlooked by conventional financial institutions. This has allowed it to provide financial services to approximately 65% of Zambia’s adult population, significantly contributing to its economic development.
The company has customised its services to support women-run businesses, offering financial assistance and management training. This comprehensive approach empowers women who have not previously received financial support to achieve economic advancement. As a result, many women have embraced Lupiya’s services, expressing confidence and satisfaction with the company’s efficient and accessible financial solutions.
I’ve been using Lupiya for a while now, and I must say it’s been a great experience. The platform is incredibly user-friendly, making it easy to manage my finances. The customer service team is also very responsive and helpful whenever I have questions. I highly recommend Lupiya to anyone looking for a reliable financial service.”~Customer Review
Eveln Kaingu has led the company through several financial milestones. In 2020, they secured an initial $1 million in startup funding from Enygma Ventures. This was followed by an additional $8.25 million raised through partnerships and initiatives such as the International Trade Centre’s FastTrackTech Africa project.
Also, Lupiya became the first Zambian company to receive funding from Google’s Black Founders Fund, obtaining K6 million (approximately $300,000) in 2021. These financial achievements have been instrumental in scaling Lupiya’s operations and enhancing its service offerings.
In June 2024, the company secured the top position at the GITEX Africa Supernova Challenge, demonstrating its leadership in Zambia’s digital payment sector. Additionally, the startup has received international recognition, attracting the interest of notable figures, including U.S. Vice President Kamala Harris, during her visit to Zambia. Evelyn Kaingu’s vision and leadership have driven Lupiya to the forefront of the country’s fintech industry.
