The UNDP together with the timbuktoo Africa Innovation Foundation has released an application opportunity for the first-ever timbuktoo Fintech Startup Accelerator Programme. The Pan-African initiative is dedicated to backing startups that use financial sector innovations to tackle Africa’s intricate development issues through technology-driven solutions.
Programme Overview
The timbuktoo Fintech Startup Accelerator Programme wants to support fintech startups that:
- Deploy Technology Solutions in Financial Services: Technology-enabled solutions must drive startups at their core while digital tools and platforms should enable innovation and efficiency for financial services.
- Contribute Towards Sustainable Development Goals (SDGs): The proposed solutions need to connect with specific Sustainable Development Goals (SDGs) while assisting economic growth and industrialization together with advancements in trade, education, healthcare, and governance inclusivity.
- Demonstrate High Scalability: Startups need the ability to expand their user base quickly throughout African markets by using digital distribution methods.
- Hold a Defensible Position: A sustainable competitive advantage depends on possessing intellectual property rights, network effects, domain expertise, or regional market dominance.
- Have a Clear Monetization Strategy: Startups need to demonstrate their roadmap towards achieving profitability while ensuring a stable financial future.
Benefits of the Programme
Selected startups will receive:
- Mentorship and Coaching: Guidance from Africa’s top industry leaders and experienced entrepreneurs.
- Equity-Free Funding: Selected startups will obtain up to $25,000 USD in funding to drive their growth.
- Networking Opportunities: Program participants will access a continent-wide network of startup founders and entrepreneurs.
- Investor and Customer Connections: A network platform that connects startups to prospective investors and customers.
- Technical Resources: Startups gain access to specially designed resources that help them grow faster and make a bigger impact.
Eligibility Criteria
Technology-focused entrepreneurs and startup founders aged between 18 and 35 across Africa who fulfil subsequent criteria can apply.
- African Citizenship: Founders of startups need to hold citizenship in an African country.
- Local Ownership: Startups need to be owned by local entities operating within African countries.
- Technology Leveraging: Startups need to apply technology solutions to solve development challenges within the financial services industry.
- Minimum Viable Product (MVP): Startups should have at least an MVP.
- Corporate Governance: Startups need to implement current corporate governance systems along with accountability measures and social and environmental safeguards.
Note: Only citizens from African Union member states can apply for this program.
Programme Structure
- Applications: The application portal remains accessible between May 31st, 2024, and June 21st, 2024. Applicants need to turn in their full application along with required documents during this time frame.
- Selection Process: The independent multi-stakeholder committee will evaluate applications based on eligibility criteria and their alignment with the programme’s mandate. The selection process will provide fair chances for applicants throughout different nations and genders.
- Bootcamp: A comprehensive 4-week build-a-thon will offer pitching sessions with Africa’s top investors and masterclasses from fintech experts while hosting fireside chats with industry executives to boost product development and market entry tactics. The hybrid bootcamp will include a physical residency for 2 weeks in Lagos, Nigeria between July 7th and 21st, 2024.
- Incubation & Acceleration: Startups that stood out during the bootcamp will receive customized support between August 2024 and December 2024 for five months to enhance their coaching capabilities and scale their products in the African fintech market.
You can apply here.
Joseph Busari
UphivaBETAR
