The UNDP has launched the timbuktoo Fintech Startup Accelerator Programme, a Pan-African initiative designed to support technology-driven startups in the financial services sector.
The timbuktoo Fintech Startup Accelerator Programme aims to leverage innovations to address some of Africa’s most complex development challenges by facilitating scalable solutions with clear monetization strategies.
Based at the timbuktoo Fintech Hub in Lagos, Nigeria, the programme supports startups that:
- Deploy technology solutions in the financial services sector: These startups use digital tools and platforms to drive innovation and efficiency within the financial sector.
- Contribute to the achievement of sustainable development goals (SDGs): These startups’ solutions promote growth, industrialization, trade, education, health, and inclusive governance, aligning with one or more SDGs.
- Are highly scalable: Startups that demonstrate potential for rapid expansion across African markets through digital distribution channels.
- Hold a defensible position: These startups have a sustainable competitive advantage through Intellectual Property (IP) rights, network effects, domain expertise, or regional market dominance.
- Have a strong monetization strategy: Startups with a clear path to profitability and long-term financial viability.
Benefits
Participants in the programme will receive:
- Mentorship and Coaching: Guidance from leading industry experts and seasoned entrepreneurs across Africa.
- Equity-free Funding: Up to $25,000 to support the growth of the startups.
- Networking Opportunities: Access to a network of fellow startup founders and entrepreneurs from across the continent.
- Investor and Customer Connections: A platform to connect with potential investors and customers.
- Technical Resources: Access to resources tailored to accelerate the growth and impact of the startups.
Eligibility
The programme is open to technology-focused entrepreneurs and startup founders across Africa aged 18 to 35. Applicants must meet the following criteria:
- Citizens of an African country: Founders must be citizens of an African Union member state.
- Local Ownership: Startups must be locally owned and based in any African country.
- Technology in Financial Services: Startups must leverage technology to capitalize on development opportunities and solve challenges in the financial sector.
- Minimum Viable Product: Startups must have a working product.
- Corporate Governance: Startups must have existing systems for accountability, social, and environmental safeguards.
A 4-week build-a-thon will include pitching sessions with Africa’s leading investors, masterclasses with fintech experts, and fireside chats with industry executives.
This bootcamp will support product development, go-to-market strategies, and market testing. It will be conducted in a hybrid format with a 2-week physical residency in Lagos, Nigeria from July 7th to 21st, 2024.
The most promising startups will receive long-term support for 5 months from August 2024 to December 2024. This phase includes tailored coaching, product refinement, and scaling support.
Partnerships will be facilitated to spur product iterations, market access, and capital raising.
How to Apply
The application portal will be open till June 21st, 2024. Apply for the timbuktoo Fintech Startup Accelerator Programme and grab the opportunity to innovate, scale, and make a huge impact in the financial services sector.
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