timbuktoo Fintech Startup Accelerator Programme: Call for Applications

Are you a technology-driven startup passionate about leveraging innovations in the financial services sector to solve Africa’s most complex development challenges? Do you have a scalable solution with a defensible position and a clear monetization strategy?

Then the Timbuktoo Fintech Startup Accelerator program is for you!

Overview

The Timbuktoo Fintech Startup Accelerator program is a pan-African initiative of the Timbuktoo Fintech Hub in Lagos, Nigeria, supporting startups that:

• They are implementing technology solutions in the financial services sector: these are startups that have a technology-based solution at their core, using digital tools and platforms to drive innovation and efficiency in the financial sector.
• They are contributing to the achievement of the Sustainable Development Goals (SDGs): startups whose solutions contribute to one or more SDGs, promoting growth, industrialization, trade, education, healthcare and inclusive governance, among others.
• They are highly scalable: startups that demonstrate high scalability across digital distribution channels or the ability to rapidly grow their user base in African markets.
• Maintain a defensible position: Startups that have a defensible position, through intellectual property (IP) rights, network effects, industry expertise or regional market dominance, ensuring a sustainable competitive advantage in the fintech landscape.
• Have a strong monetization strategy: Startups with a clear and sustainable monetization strategy, showing a path to profitability and long-term financial sustainability.

What are the benefits of the Program?

The program will offer startup founders:

• Mentoring and coaching from leading African industry experts and seasoned entrepreneurs.
• Equity-free financing of up to $25,000 USD to support startup growth.
• Access to a network of fellow startup founders and entrepreneurs from across the African continent.
• A platform to connect and access potential investors and customers.
• Access to technical resources, tailored to accelerate your startup’s growth and impact.

Who can apply to the Program?

Applications are open to technology-focused entrepreneurs and startup founders across Africa between the ages of 18 and 35, who can create, or are already creating, fintech startups that meet the following criteria:

• Startup with founders who are citizens of an African country.
• Startups must be locally owned and based in any African country.
• Startups leveraging technology in the financial services industry to leverage complex development opportunities and solve challenges.
• Startup with a minimum viable product.
• Startups with existing systems of corporate governance, responsibility, social and environmental protections.

*This application is limited to citizens of African Union member states.

How is the Program structured?

Applications

The application portal will be open from 31 May 2024 to 21 June 2024.

Only applicants who have submitted a complete application will be considered for the program. The application consists of questions to access the formal requirements along with information about your startup and motivation for joining the program. You will be asked to submit the necessary documents which will be used exclusively for the purposes of the application.

Selection process

Applications will be evaluated by an independent multi-stakeholder committee. The evaluation will consider eligibility criteria and alignment with the program mandate. The overall composition of the group will ensure a distribution that ensures equal opportunities for participation across countries and genders.

Training camp

An engaging 4-week build-a-thon will take place, including pitch sessions with leading African investors, masterclasses with fintech experts and chats with industry executives. It will support startups’ product development, go-to-market strategies and market testing. The bootcamp will be conducted in a hybrid format, with ongoing virtual support, also including a 2-week physical residency in Lagos, Nigeria from July 7-21, 2024.

Incubation and acceleration

The most promising startups of the bootcamp will receive long-term personalized support for 5 months from August 2024 to December 2024. With this curated approach the startups will be provided with coaching, product refinement and scalability. Furthermore, partnerships will be facilitated to stimulate product iterations, market access and capital raising for startups. Startups selected for incubation and acceleration will have the opportunity to receive equity-free funding of up to $25,000.

What is the history of the program?

• Applications and selection process: May 2024 – June 2024.
• Bootcamp: July 2024 (attendance in Lagos, Nigeria, 7 to 21 July 2024).
• Incubation and acceleration: August 2024 – December 2024.

How can startups apply to the Program?

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