Fintech
An exciting revolution and acceleration of African fintech startups is taking place
The United Nations Development Program (UNDP) and the Timbuktoo Africa Innovation Foundation have launched the competition for the first Timbuktoo Fintech Hub in Africa, located in Lagos, Nigeria. The pan-African initiative is looking for young Africans from across Africa who can create or are already creating fintech start-ups that leverage innovations in financial services to implement solutions.
Ahunna Eziakonwa, Deputy Secretary-General of the United Nations and Director of the Regional Office for Africa, in launching the appeal stated that “Timbuktoo’s ambition is to mobilize and invest $1 billion in catalytic and commercial capital to transform livelihoods and create decent jobs.”
In collaboration with the Federal Government of Nigeria, UNDP Nigeria will host the bespoke Timbuktoo Fintech Hub innovation center in Lagos. This is one of Timbuktoo’s eight thematic hubs, which will incubate and accelerate the most promising African start-ups. By leveraging technology in the financial sector, the Timbuktoo Fintech Hub will facilitate and accelerate the resolution of the complex challenges facing the continent and promote inclusive growth and sustainable development.
With Lagos, the leading fintech city in Africa, the Timbuktoo Fintech Hub is creating an inaugural pan-African initiative, the Timbuktoo Fintech Startup Accelerator Program, in collaboration with a pan-African network of governments, commercial investors, academia and fintech experts to incubate and scale up 25 of Africa’s most innovative start-ups contributing to socioeconomic development. The Timbuktoo Fintech Hub in Lagos will offer a physical and virtual space that will provide cutting-edge services and equipment to startups across Africa to build, test and scale their impactful solutions. The Hub’s goal is to strengthen the local and regional fintech ecosystem to stimulate socioeconomic development across Africa.
The Timbuktoo Fintech Startup Accelerator program is aimed at Fintech startups, short for financial technology startups, operating in (but not limited to) agriculture, logistics, commerce and healthcare, leveraging innovations in financial services to disrupt traditional financial systems and introduce new approaches and tools. and solutions.
Benefits and incentives for selected startups in the Timbuktoo Fintech Startup Accelerator program include mentorship and coaching from Africa’s leading industry experts and seasoned entrepreneurs; financing without capital to support the growth of the start-up; access to a rich network of African start-up founders, entrepreneurs and potential investors and customers, and access to technical resources tailored to accelerate start-up growth and impact.
Applications are open to African-owned startups registered in Africa with founders aged between 18 and 35. Startups must be locally owned and based in any African country with a minimum sustainable product and include tech-focused entrepreneurs and start-up founders who can build, or are already building, fintech startups that meet the application criteria . Interested start-ups must fill out an online application form by June 21, 2024.
“The Timbuktoo initiative is a movement driven by the passion and dedication of young Africans. The initiative aims to harness the untapped potential of young African entrepreneurs by providing them with the resources and support needed to transform their innovative ideas into thriving businesses,” said Elsie G. Attafuah, Resident Representative of the United Nations Development Program in Nigeria .
The overall composition of the group will ensure a distribution that ensures equal opportunities for participation across countries and genders. For more details on the announcement See here.
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Media contact:
Christabel Chanda-Ginsberg
Responsible for public engagement, awareness and partnerships,
christabel.chanda-ginsberg@undp.org
Tel: +234 904 935 4441
Ngele Ali
Regional Communications Advisor, Africa
E-mail: ngele.ali@undp.org
Tel: +251 9010 00962