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PremierCredit: Enygma Ventures to Invest US$ 650K in Zambia’s Online Microlending Startup


PremierCredit is Zambia’s online microlending tech startup which announces that it has received $650000 funding from Enygma Ventures a US Enterprise Capital fund.

Sarah Dusek is the co-founder of Engyma Ventures commenting on the efficiency of PremierCredit, saying,

“PremierCredit has a proven track record of supporting the informal sector and making informal trading possible for many by providing timely and appropriate loans to help businesses thrive. After an extraordinary year, it has been incredible to see women-owned businesses still thriving and creating expansion plans despite the pandemic.”


Since being founded in 2019, PremierCredit have offered their services both in Zambia and Zimbabwe. The fintech startup affords micro-loans to local entrepreneurs and small scale companies. This enables entrepreneurs to develop their enterprise and positively contributing to the financial system.

The startup seeks to partner with financial institutions in Zimbabwe by presenting them with affordable bicycles, smartphones, and photo voltaic tools on a ‘pay-as-you-go’ foundation to the underserved communities throughout country. 

Team at PremierCredit

On receiving the funding and what it means to the startup, the elated co-founder and CEO of PremierCredit, Chilufya Mutale said,

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“We’re extraordinarily elated about our partnership with Enygma Ventures. The monetary and strategic assistance will permit us to execute on our imaginative and prescient to service a number of nations throughout the region.”

The US based venture capitalist, Enygma Ventures has over the period dedicated itself to supporting women-led ventures and startups. This funding opportunity adds to its portfolio.

In 2020 alone, the enterprise capital fund has reportedly carried out 10 investments.

Enygma Ventures has currently opened applications for talented entrepreneurs in the Southern African Development Community (SADC) region to apply for available funding.

Applications should be submitted online and the deadline is the 31st of December, 2020. 

Lelemba Phiri, the Principal and Working Companion of Enygma Ventures concludes that the funding could have a domino impact on the local people, offering much-needed access to a range of services. 

“We’re enthusiastic about this funding and are assured in PremierCredit’s potential to execute and develop regionally as they’re a formidable group. The ripple impact of such funding goes past the quick enterprise as a result of it in flip permits entry to capital for underserved merchants and communities.”

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Curacel: Insurtech Startup Secures $450K Pre-seed Funding Led by Atlantica Ventures & Consonance


The insurtech startup, Curacel, an AI-powered platform for claims processing and fraud management in Africa, reports that it has raised $450,000 pre-seed funding in a round that was led by Atlantica Ventures and Consonance with participation from Kepple Ventures and other African angel investors.

The new investment will be used to accelerate Curacel’s expansion across Africa and facilitate the goal of becoming Africa’s premier provider of embedded finance technology for insurance.

The insurtech startup already works with some of the biggest insurers on the continent, including AXA Mansard, Liberty Health and Old Mutual, as well as more than 800 hospitals in Nigeria, Ghana, and Uganda. It plans to expand into 10 new African countries by the end of 2021.

Every year, African insurers lose more than $12 billion to fraudulent, wasteful, and abusive claims. Curacel’s flagship CLAIMS platform acts as a bridge between primary care hospitals and Africa’s insurance companies, using advanced artificial intelligence to ensure that insurance companies only pay claims for the correct treatment, appropriate medications and recommended patient therapies. 


Curacel is also scheduled to launch Curacel Capital, a cash advance product that makes it easier for healthcare providers to access working capital to mitigate financial challenges. Delayed payments and other inefficiencies in the payment process means many African healthcare providers often have to make the difficult choice between keeping the books balanced or providing healthcare at a loss. With Curacel Capital, healthcare providers can access lump sums of up to three times their average monthly billings, based on claims processed on the Curacel portal, ensuring that they can continue to deliver essential services without undue disruption.

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With insurance penetration at just 2.8% across the continent, many Africans are one accident or health emergency away from poverty. And in Africa’s communal societies, tragedy impacts entire communities, with people emptying their savings to pay for medical expenses, burials or other disaster relief for family members and kin. By leveraging Curacel’s products and services, insurers across the continent are better equipped to close the insurance gap and safeguard prosperity. 

According to Curacel Co-founder and CEO, Henry Mascot, in a press statement said,

“We are excited to have these investors on board and we are looking forward to partnering with them to drive our vision of improving insurance inclusion across Africa.”

At Curacel he shares, they are uniquely positioned to safeguard livelihoods and increase the quality of life through their unique, market-leading products and services. 

IK Kanu, Partner at Atlantica Ventures noted that,

“The African insurance market represents a significant growth opportunity and we are delighted to be partnering with Curacel to drive growth in this sector. There is an opportunity to create an entirely new market of products and services here and we look forward to supporting the team to improve health outcomes across the continent.” 

Finally, Mobolaji Adeoye, the Managing Partner at Consonance adds that they believe the Curacel team has what it takes to be market leaders and are therefore excited to support them. Also stressing that they have a great product and equally delighted to be coming onboard at this early stage of their growth.

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