Lagos, Nigeria – January 12, 2025 – Twenty exceptional startups representing 17 African countries have been selected to advance to the acceleration phase of the Timbuktu Fintech Startup Accelerator Program. This milestone is the culmination of the Transformation Bootcamp phase which brought together 45 startups from 34 African countries, equipping them with the critical tools and insights they need to scale their businesses.
The Bootcamp phase of the program included masterclasses and capacity building workshops on key topics such as product refinement, business development, investment readiness and sustainability. The startups also gained key fundraising skills and exposure to leading pan-African investors, including Norrsken22, African Finance Corporation, HealthCap and Seed Stars, among others.
Speaking on the initiative, Ms. Elsie G. Attafuah, UNDP Resident Representative in Nigeria, said: “The Timbuktu Fintech Startup Accelerator Program embodies our commitment to unlocking the potential of young African entrepreneurs to drive sustainable development. By providing these startups with the tools, partnerships and resources to scale their innovations, we not only drive economic growth, but also address critical challenges in line with the Sustainable Development Goals.
Over the next five months, the acceleration phase of the program will focus on:
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Develop Startups: Refine product development and go-to-market strategies to support growth in domestic and pan-African markets.
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Build impactful partnerships: Establish strategic collaborations to amplify impact and expand coverage.
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Mobilizing capital: improving investment readiness and facilitate links with Africa’s leading venture capitalists and investors.
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Non-Equity Seed Funding: Each accelerating startup will also receive a $20,000 grant to support their development.
The Timbuktu Fintech Startup Accelerator program, launched in May 2024, is open to startups leveraging technology in financial services to solve socio-economic challenges, contribute to growth and demonstrate market traction with a minimum viable product (MVP ). As the selected startups enter the acceleration phase, this initiative reaffirms its mission to drive innovation and position Africa as a global leader in fintech development.
“Through Timbuktu, we are not just investing in solutions: we are investing in the transformative power of African technology and in the genius and ingenuity of young African innovators. to help them unlock unprecedented economic growth and social progress across the continent. This initiative – the Timbuktoo Fintech Startup Accelerator Program – is a call to action for partners around the world to work with us to shape a future where African talent drives global progress. Together we can reinvent development and create lasting impact that empowers communities, reduces inequalities and builds a more prosperous and inclusive future for Africa,” » added Ms. Ahunna Eziakonwa, United Nations Assistant Secretary-General and UNDP Regional Director for Africa.
About Timbuktu
The Timbuktu initiative was launched in January 2024 during the World Economic Forum in Davos. Timbuktoo Africa Innovation Foundation is registered and headquartered in Kigali, Rwanda.
Inspired by the historic city of Timbuktu in Mali, it is a multi-stakeholder initiative bringing together governments, the private sector and academia to fuel Africa’s socio-economic transformation through innovation. Timbuktu is not about supporting a sector or a country. It’s about bringing together the power of the collective to create the conditions for scale and impact for the whole of Africa.
Guided by the Sustainable Development Goals (SDGs) and supported by UNDP, Timbuktu taps into Africa’s youth, finds them where they are and prepares them to lead the Fourth Industrial Revolution as the path forward to creating exponential wealth and jobs and thus having an impact on communities on a large scale.
For more information, visit: timbuktoo.africa
About UNDP
UNDP Africa is helping 46 countries accelerate 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 good governance, peace and security throughout the world. continent. Guided by the principle that Africa is not homogeneous, UNDP’s renewed strategic offering in Africa is a leading catalyst and integrator for the 2030 Agenda for Sustainable Development and Africa’s Agenda 2063. the African Union.
https://www.undp.org/africa
In Nigeria, UNDP helps the Nigerian government and people address development challenges by strengthening and building institutions that promote inclusive and sustainable development and democratic governance. UNDP is working with multi-sectoral stakeholders to help Nigeria deliver on its promise under Vision 2030 and the Sustainable Development Goals (SDGs).
https://www.undp.org/nigeria
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