A fashion designer lists her inventory via online market place
Catalyst Fund, managed by BFA Global, in partnership with the Mastercard Foundation, and the Meltwater Entrepreneurial School of Technology (MEST), has announced the Catalyst Fund Inclusive Digital Commerce Accelerator.
The Inclusive Digital Commerce Accelerator is a program aimed at scaling digital commerce companies in Ghana to support the digitization of Micro and Small Enterprises (MSEs) in the country.
The two-year program will improve the livelihoods and financial resilience of MSEs in Ghana that have been impacted by Covid-19, by enabling access to digital commerce platforms and access to market.
The accelerator will select and scale six digital commerce and innovative companies that can enable informal MSEs to reap the benefits of digital commerce, leveraging Catalyst Fund’s existing proven model to combine flexible grant capital of up to US$120,000 per company; deep, bespoke, expert-led venture acceleration support; portfolio meet-ups and curated cohort-based workshop sessions.
MEST will provide local expertise and operational support to the companies, while the fund is committed to sharing best practices, and connections with Catalyst Fund’s growing global Circle of Investors (65+) and Circle of Corporate Innovators; and ecosystem acceleration to create a more enabling investment and business environment in which digital commerce companies can prosper.
The first expansion of Catalyst Fund beyond its flagship Inclusive Fintech program will officially launch via a virtual event and company pitch showcase on November 4.
All participating companies in the pitch will be selected by an expert Investment Advisory Committee informed by market research conducted to identify the barriers and opportunities for expanding inclusive digital commerce in Ghana.
Speakers at the launch will include: Alex Bram of Hubtel; Lexi Novitske of Acuity Venture Partners; Albert Biga of Zoobashop; Kweku Fleming of MEST Scale; Jane del Ser of BFA Global.
“Through the Inclusive Digital Commerce Accelerator, we aim to impact informal MSEs in Ghana who, particularly in light of the Covid-19 crisis, lack access to a financial safety net and find their livelihoods impacted when physical commerce suffers.
Along with support and deep local expertise from the Mastercard Foundation and MEST, we aim to enable companies who are already tackling distinct problems in the digital commerce space to better reach informal MSEs so they can leverage digital rails to improve their financial resilience for the future,” said Catalyst Fund Managing Director Maelis Carraro.
“The opportunity to partner with an experienced organization like Catalyst Fund with support from the Mastercard Foundation, is in equal parts exciting and aligned with MEST’s scale strategy in Ghana, and beyond. Historically, MEST has focused on early-stage startup support and creation through our training program, seed fund, and incubator programs. The Inclusive Digital Commerce Accelerator provides an opportunity to work with Catalyst Fund to support scale-stage ventures which are strategically seeking to better reach and serve informal MSEs, leveraging our local knowledge, networks, and expertise,” said MEST Strategic Director Greg Coussa.
By Jamila Akweley Okertchiri