The United Nations Development Programme (UNDP) has inaugurated a fintech hub at its innovation centre in Lagos, Nigeria, as part of a $1 billion initiative to bolster Africa’s technology startups.
The newly unveiled Timbuktoo fintech hub in Lagos marks the first of a series of technology centres planned for 13 African countries, including Kigali, Cairo, Cape Town, Accra, Casablanca, Dakar, and Nairobi.
During the launch event, 42 startups from 31 African countries were selected to participate in the inaugural Timbuktoo Fintech Startup Accelerator Programme. These startups will receive equity-free funding of up to $25,000 each, along with mentorship and coaching from Africa’s leading industry experts and seasoned entrepreneurs.
Former Vice President Professor Yemi Osinbajo, serving as the guardian of the Timbuktoo Africa Innovation Foundation, emphasized the potential of Africa’s youthful population to drive innovation and economic progress. He highlighted the success stories of Nigerian unicorns like Flutterwave and Interswitch, which were founded by entrepreneurs under 30, demonstrating the region’s capacity for technological advancement and prosperity despite high unemployment rates.
Osinbajo remarked, “In recent times, we have seen dramatic proof of the power of innovation to bring amazing prosperity. In Nigeria, we have at least five unicorns, including Flutterwave, valued at over $3 billion today, Interswitch, over $1 billion, and Opay valued at $2 billion, among others. All the founders of these unicorns were under 30 when they founded these companies. You can imagine what we are going to see in the coming years. It is this energy and spirit of innovation that will power Nigeria and indeed the Africa of our dreams. This vision, ‘Timbuktoo,’ of the African Innovation Fund is vital for the continent’s innovation system. We will have 13 unicorn hubs in universities across different countries and 8-9 innovation hubs scattered across the continent. The Lagos fintech hub is one of these hubs and will create job opportunities, significantly reducing the unemployment rate.”
He added that Africa is brimming with young talent and expressed confidence that this talent would drive growth and innovation across the continent.
UNDP Resident Representative Elsie Attafuah also spoke at the launch, highlighting the significance of the hub. She stated that it would herald a new era in innovation and financial inclusion, positioning Lagos as the fintech capital of Africa.
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