The United Nations Development Programme (UNDP) has inaugurated a fintech hub at its innovation center in Lagos, Nigeria, marking the beginning of a significant $1 billion initiative aimed at supporting technology startups across Africa. This ambitious project will see the establishment of 10 technology centers across the continent, with Lagos being the first. Subsequent hubs are planned for Kigali, Cairo, Cape Town, Accra, Casablanca, Dakar, and Nairobi. Additionally, 13 African cities will host University Innovation Pods to foster research, development, and venture creation among young minds.
Empowering Startups with the Timbuktoo Fintech Accelerator
At the launch event on Tuesday, 42 startups from 31 African countries were introduced as participants in the inaugural Timbuktoo Fintech Startup Accelerator Programme. These startups will benefit from equity-free funding of up to $25,000, alongside mentorship and coaching from Africa’s leading industry experts and seasoned entrepreneurs. This support aims to catalyze their growth and enable them to transform innovative ideas into viable businesses.
Prominent Voices Endorse the Initiative
Former Nigerian Vice-President Yemi Osinbajo highlighted the transformative power of innovation, noting the success of numerous Nigerian unicorns. “Innovation brings amazing prosperity,” he said, emphasizing the potential of the selected startups to achieve similar success. Lagos State Governor Babajide Sanwo-Olu, represented by his Special Adviser on Innovation and Digital Technology, Olatubosun Alake, expressed strong support for the hub, stressing the importance of government backing in fostering an innovative ecosystem. “We will engage with lawmakers and policymakers to drive positive policies that will further enhance and sustain this transformative journey,” Alake added.
UNDP’s Commitment to African Development
The UNDP’s initiative reflects its commitment to leveraging Africa’s rapid innovation and youthful population. The $1 billion initiative aims to encourage collaboration and knowledge sharing across the continent, accelerating technological progress and economic growth. The launch event also saw Nigerian musician Patrick Okorie, known as Patoranking, being announced as the new UNDP Africa Regional Goodwill Ambassador, further underscoring the program’s high-profile support and reach.
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