Fintech
timbuktoo launches Pan-African Fintech Hub in Lagos
Lagos, Nigeria – July 09, 2024 – The United Nations Development Programme (UNDP) and the timbuktoo Africa Innovation Foundation launch a state-of-the-art timbuktoo Fintech Hub in Lagos, Nigeria. The first of its kind to be launched in Africa, this state-of-the-art facility is designed to catalyze innovation, foster collaboration and drive growth within the pan-African fintech ecosystem to drive socio-economic development.
Located at the UNDP Innovation Center, the Fintech Hub will serve as a hub for entrepreneurs, investors and experts in the fintech sector. It will provide a collaborative workspace for startups and established fintech companies, offering mentorship programs and expert guidance to emerging innovators. The hub will feature both physical and virtual spaces, equipped with advanced technology to enable startups across Africa to create, test and scale their impactful solutions.
Speaking at the launch, HE Babajide Sanwo-Olu, Governor of Lagos State, said, “The launch of the timbuktoo Fintech Hub today embodies our shared commitment to fostering and driving solutions to Africa’s challenges. The hub will catalyze efforts to push the continent towards a more globalized way of doing business. He further added, “For innovation to happen, both government, policy makers and key stakeholders must collaborate. This collaboration is what will spur the economic development we envision in Nigeria and across Africa.”
timbuktoo represents a bold partnership between UNDP, African governments and the private sector, positioning itself as the world’s largest initiative supporting Africa’s innovation ecosystem. It embodies a transformative force and stands as a powerful example of public-private collaboration, poised to reshape the FinTech and development landscape across Africa.
The launch of the hub marks a significant milestone in the journey towards a more innovative and financially inclusive continent. By cultivating local talent and fostering cross-border collaborations, the timbuktoo Fintech Hub will play a critical role in shaping the future of FinTech in Africa. This portrays UNDP’s commitment to harnessing technology for sustainable development.
The United Nations Deputy Secretary-General and UNDP Regional Director for Africa, Ms. Ahunna Eziakonwa, said at the launch that “Timbuktoo is about changing the way development works and overhauling the structure and culture of influence and inequality. Our innovators are providing solutions for the poor and marginalized.”
The ceremony brought together key stakeholders (fintech entrepreneurs, investors, regulators, government officials, development partners and industry experts) to celebrate the hub’s potential to transform technological innovations in the financial services landscape for sustainable development in Africa.
The launch of the hub was followed by the onboarding of the first pan-African cohort of fintech startups and a Fintech for Development Marketplace. The marketplace showcased innovative financial technologies with the potential to drive economic growth and transformation. It also featured networking sessions, policy dialogues and informal chats with key stakeholders in the ecosystem, creating a platform for collaboration and knowledge exchange in the African fintech sector.
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About Timbuktu
The timbuktoo initiative was launched in January 2024 at the World Economic Forum in Davos. timbuktoo Africa Innovation Foundation is registered and has its headquarters in Kigali, Rwanda.
Inspired by the historic city of Timbuktu in Mali, it is a multi-stakeholder initiative that brings together governments, the private sector and academia to fuel Africa’s socioeconomic transformation through innovation. Timbuktoo is not about supporting one sector or one country. It is about uniting the power of the collective to create the conditions for scale and impact for all of Africa.
Guided by the Sustainable Development Goals (SDGs) and supported by UNDP, timbuktoo taps into Africa’s youth, identifying them where they are and equipping them to lead the Fourth Industrial Revolution as a path to creating exponential wealth and jobs and thereby impacting communities at scale.
For more information visit: Timbuktu
UNDP
UNDP Africa supports 46 countries in accelerating the achievement of the Sustainable Development Goals (SDGs) by eradicating poverty in all its forms and dimensions, accelerating structural economic transformation for sustainable development, strengthening resilience to shocks, and promoting sound governance, peace and security across the continent. Guided by the principle that Africa is not homogeneous, UNDP’s Renewed Strategic Offering in Africa is a premier ENABLER and INTEGRATOR for the Agenda for Sustainable Development 2030 and the African Union Agenda 2063. Learn more: https://www.undp.org/africa
In Nigeria, UNDP has supported the Nigerian Government and people in addressing development challenges by strengthening and building institutions that promote inclusive and sustainable development and democratic governance. UNDP works with multi-sectoral stakeholders to support Nigeria in achieving its promised Vision 2030 and Sustainable Development Goals (SDGs). More: https://www.undp.org/nigeria
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