Fintech
African fintech startups to receive $25,000 through UNDP’s Timbuktoo accelerator program
The United Nations Development Program (UNDP) has opened applications for its Timbuktoo Fintech Startup Accelerator program, offering selected African startups the opportunity to receive $25,000 in equity-free funding. This initiative aims to support technology-focused Timbuktoo entrepreneurs and startup founders across the continent.
In addition to financial assistance, the program will provide mentorship and coaching from Africa’s leading industry experts and seasoned entrepreneurs. Participants will have access to a network of fellow startup founders and entrepreneurs from across Africa, potential investors and customers, and technical resources tailored to accelerate their growth and impact.
To be eligible, startups must meet specific criteria. They must be founded by African citizens aged between 18 and 35, locally owned and based in an African country. Furthermore, startups should leverage technology in the financial services sector to exploit development opportunities and solve challenges, with a minimum viable product and existing corporate governance systems.
The program will prioritize startups with technology-based solutions at their core, using digital tools and platforms to drive innovation and efficiency in the financial sector. Startups that contribute to one or more Sustainable Development Goals (SDGs), such as promoting growth, industrialization, trade, education, health and inclusive governance, will also receive special attention.
Interested and qualified startups can apply through the designated portal from now until 21 June 2024. This accelerator program is part of UNDP’s larger $1 billion Timbuktoo Africa Innovation Fund, launched in January 2024 at World Economic Forums. The fund aims to mobilize and invest catalytic and commercial capital to transform livelihoods and create new, decent jobs across the continent.
With its pan-African approach and focus on supporting startups and engaging various stakeholders, the timbuktoo initiative aims to deepen connections between government policies, universities, companies, development partners, catalyst partners and commercial investors, promoting a ecosystem conducive to innovation and entrepreneurship.