The 2-year program will enhance the livelihoods and monetary resilience of MSEs in Ghana, which were impacted by COVID-19, by enabling entry to digital commerce platforms and entry to market.
The accelerator will choose and scale six digital commerce and progressive firms that may allow casual MSEs to reap the advantages of digital commerce, leveraging Catalyst Fund’s existing proven model to mix:
- versatile grant capital of as much as US$120,000 per firm;
- deep, bespoke, expert-led enterprise acceleration assist;
- portfolio meet-ups and curated cohort-based workshop periods with native experience and operational assist by MEST;
- a dedication to sharing greatest practices, toolkits, learnings, and insights with the digital commerce sector;
- connections with Catalyst Fund’s rising world Circle of Traders (65+) and Circle of Company Innovators; and
- ecosystem acceleration to create a extra enabling funding and enterprise surroundings by which digital commerce firms can prosper.
The primary growth of Catalyst Fund past its flagship Inclusive Fintech program will formally launch by way of a digital occasion and firm pitch showcase on November 4th (registration here).
All taking part firms within the pitch will likely be chosen by an professional Funding Advisory Committee. Choice is knowledgeable by market analysis carried out to establish the obstacles and alternatives for increasing inclusive digital commerce in Ghana. Preliminary analysis findings will likely be launched on the official launch occasion on November 4th.
Audio system on the launch will embrace:
- Alex Bram of Hubtel;
- Lexi Novitske of Acuity Enterprise Companions;
- Albert Biga of Zoobashop;
- Kweku Fleming of MEST Scale;
- Jane del Ser of BFA International; and extra.
The occasion will conclude with a pitch showcase from 4 main digital commerce firms throughout Ghana, which is able to be held on the MEST Accra Incubator.
“We’re thrilled to announce the primary Catalyst Fund growth program, which builds on classes discovered on supporting inclusive fintech firms in rising markets over the past 5 years. By the Inclusive Digital Commerce Accelerator, we intention to affect casual MSEs in Ghana who, significantly in mild of the COVID-19 disaster, lack entry to a monetary security internet and discover their livelihoods impacted when bodily commerce suffers. Together with assist and deep native experience from the Mastercard Basis and MEST, we intention to allow firms who’re already tackling distinct issues within the digital commerce house to raised attain casual MSEs to allow them to leverage digital rails to enhance their monetary resilience for the longer term,” mentioned Catalyst Fund Managing Director Maelis Carraro.
Nation associate MEST brings deep market information, leveraging 12+ years of coaching and incubating tech entrepreneurs on the bottom in Ghana.
“The chance to associate with an skilled group like Catalyst Fund with assist from the Mastercard Basis, is in equal elements thrilling and aligned with MEST’s scale technique in Ghana, and past. Traditionally, MEST has centered on early-stage startup assist and creation by means of our coaching program, seed fund, and incubator packages. The Inclusive Digital Commerce Accelerator gives a possibility to work with Catalyst Fund to assist scale-stage ventures that are strategically in search of to raised attain and serve casual MSEs, leveraging our native information, networks, and experience,” mentioned MEST Strategic Director Greg Coussa.
US$4.3 million dedication to assist the monetary resilience of MSEs
Surveys carried out by BFA Global and by Ghana Statistical Service discovered that MSEs specifically are struggling because of the pandemic. A BFA International survey of low- and middle-income people discovered that 44% of self-employed folks had misplaced their jobs or couldn’t discover work. A latest tracker from the Ghana Statistical Service discovered that microenterprises are faring worse than giant and small enterprises; amongst companies which might be open, 92.2% of microenterprises report decreased gross sales (in comparison with 89% of small and medium enterprises, and 45% of enormous enterprises), noting that gross sales have fallen 60.9% relative to final April.
“Micro and small enterprises are the bedrock of Ghana’s financial system. They’re additionally probably the most impacted by COVID-19, placing livelihoods and financial positive factors made over time in danger. Accelerating entry to markets by means of digitization and e-commerce platforms gives MSEs the chance not solely to scale, however to strengthen their resilience on the different facet of the pandemic,” mentioned Nathalie Akon Gabala, Regional Head for Western, Central and Northern Africa, on the Mastercard Basis.
In a parallel effort to speed up the growth of the digital commerce ecosystem and enhance coordination, Catalyst Fund will likely be constructing an open database of digital commerce firms working in Ghana. Firms who want to categorical curiosity in being thought of for the accelerator might also select to be included within the database. All firms ought to full the shape found here.
