The Standard Chartered Bank of Zambia has earmarked the sum of $10,000 as seed funding for five finalists in its third cohort of “Women in Tech” challenge.
According to the Chief Executive Officer of the bank, Sonny Zulu, the aim of the seed fund is to enable the beneficiaries boost their businesses using technology as the driving instrument.
Zambia Monitor reports that the three-month programme which started two weeks ago is being implemented in partnership with BongoHive, the country’s first technology and innovation hub made up of programmers aiming to address the gaps within the local technology industry.
Zulu said the programme has, since the first cohort, transformed women businesses using technology.
“The second cohort went up to another level and now we are doing the third cohort and by the time we are finishing that particular programme, we are seeing a huge difference in the start and the end,” the CEO said at the launch of the third cohort in Lusaka.
“There are some that were completely doing things manually but by digitising, they are now growing their businesses three times and they will continue to grow.”
He added that the bank had “noted that there were a number of sectors that women were not participating in and especially when it came to technology,” and decided to intervene to bring them into the tech space.
“It was for this reason that the bank is thriving to lift the participation of women in technology using the programme”.
“We are also seeing that a number of Small and Medium Enterprises (SMEs) as well need a lot of support so that they can be able to participate in the mainstream of doing business so for us this is what we are doing across.
“So, for us, it is not only about giving money in terms of financing, it is also about helping to support and coaching them. At the end of the of the programme, the top five, we are giving them each a $10,000 as seed money,” he concluded.