As the call for applications opens for the 5th Cohort of the Zambia Women in Tech program, implemented by BongoHive, many aspiring female tech entrepreneurs might be wondering: Is this program truly worth it? For Vwanganji Bowa, Founder and CEO of Mighty Finance Solution Limited and an alumna of the program’s 2nd Cohort (2022), the answer is a resounding yes. Her journey highlights how the initiative offers far more than just seed capital – it provides the community, skills, and strategic edge needed to thrive.

Identifying the Gap, Building the Solution

Vwanganji’s inspiration for Mighty Finance stemmed directly from her experiences. Working in retail banking, she saw numerous small and medium-sized enterprises (SMEs) handling significant funds yet struggling to access loans when needed. “When they needed capital… that became a very tedious process and many of them would fall off,” she recalls. This challenge hit home when she transitioned into entrepreneurship herself and faced the same funding hurdles. “The challenge of me not being able to access credit and also seeing small businesses being unable to access credit is what began the birth of Mighty Fin,” Vwanganji explains. Launched around 2021 amidst the COVID-19 pandemic, Mighty Finance pivoted into a fintech solution specifically designed to bridge this critical credit gap.

Navigating the Entrepreneurial Maze

Building a fintech in Zambia wasn’t easy. Vwanganji candidly shares the obstacles: the high cost of capital, a lack of technical knowledge on scaling a business beyond simple buying and selling, insufficient strategic networks (“you don’t have a powerful network… that will just open up doors”), and the struggle with “investor readiness” – crafting a compelling case to attract serious investment.

Perhaps most persistent was the challenge of gender bias. “Being in a male-dominated industry… there’s very few people who would take me seriously as a female running a fintech,” she admits. “People would view me like ‘Oh she’s here. Where is her boss or who sent her?'”

Finding a Tribe: The Women in Tech Program

It was against this backdrop that Vwanganji discovered the Standard Chartered Women in Tech program, spotting the call on social media. Though her first application wasn’t successful, it spurred her to refine her approach. What drew her in the second time? The promise of validation, learning, and, crucially, community.

“Building mighty fin… especially being a woman, you’re a mother, you’re a founder, it required a lot more resilience and clarity of vision,” Vwanganji shares. She sought a space where she wouldn’t be “building in a silo,” but within a supportive network of women facing similar challenges in the tech space. She needed mentorship from those who had “walked this path” to compress years of learning and avoid costly mistakes.

Transformative Moments and Tangible Benefits

The program delivered powerfully. Vwanganji highlights several key benefits:

• Invaluable Mentorship: One standout moment involved tough advice from her mentor about team management. Struggling with underperforming but well-meaning team members, her mentor’s directness was a turning point: “What? That’s not how you run a business. You’re not running a charity… Do what the business needs done… fire whoever is not working and bring in whoever will.” This lesson in putting the business first, though difficult, was crucial. “Everybody pulls their weight, and that has stuck to me since,” she notes.
• Powerful Networking: The connections forged during the program have endured. “Till today… I still feel like I’m still part of the Standard Chartered Women in Tech program,” Vwanganji says. The network expanded her access to industry experts, partnerships, and a lasting community.
• Strategic Funding: While the seed funding was a “huge plus,” its impact rippled further. It helped Mighty Finance secure additional funding from Village Capital, adding significant validation. “I could be talking to an investor today and they’re like ‘Oh I was speaking to Meridith from Village Capital and she mentioned you’… already there’s a lot of validation.”
• Leadership & Skill Development: The program’s masterclasses demystified technology, framing it as an “enabler” rather than just complex code. It equipped her with leadership skills – from managing teams and communicating vision to making informed decisions based on understanding different business aspects.

Measurable Success

The program’s impact is evident in Mighty Finance’s achievements. The company has provided responsible credit to over 5,000 thin-file borrowers in the last three years, developed a digital loan platform with innovative community and produce-based repayment models, and built strategic partnerships to offer more affordable loans.

A Call to Zambia’s Women Tech Founders

With Cohort 5 now open for applications, Vwanganji strongly encourages eligible women entrepreneurs to apply. “It may be one of the most strategic decisions that… one can ever make for their growth as a founder,” she urges.

Why apply?

• Find Your Tribe: “The program is going to give you a tribe of driven, visionary women who are walking the same road as you.”
• Sharpen Your Business: Refine your pitch, understand investor logic, and grow faster.
• Unlock Doors: Gain access to mentors, partners, accelerators, and opportunities you didn’t know existed.
• Gain Visibility: “This is the platform that will help you to be seen. You will be visible. And visibility is currency.” It builds credibility and exposure money can’t buy.
• Embrace the Challenge: The program pushes founders beyond their comfort zones, challenging assumptions and fostering essential growth.
• Reconnect with Your ‘Why’: It helps founders stay connected to their mission, especially during tough times.

What’s Next?

Looking ahead, Mighty Finance is excited about “the provision of quick and affordable financing through models that help small-scale businesses to access money cheaper and also quickly.”

Vwanganji Bowa’s journey is a powerful testament to the transformative potential of the Zambia Women in Tech program. For women building tech-enabled businesses in Zambia, this isn’t just an opportunity – it’s a strategic investment in their future success.