The United Nations Development Programme (UNDP) has launched the Timbuktoo Fintech Startup Accelerator Program, a pan-African initiative aimed at fostering innovation and growth in the financial technology sector across the continent. The program is inviting applications from young African entrepreneurs and startups with technology-enabled solutions that address challenges in the financial services sector and contribute to the Sustainable Development Goals (SDGs).

Eligibility Requirements:

• Founders must be citizens of an African country.
• Startups must be locally owned and based in an African country.
• Startups must leverage technology in the financial services sector.
• Startups must have a minimum viable product (MVP).
• Startups must have established corporate governance systems and demonstrate social and environmental responsibility.

Benefits:

Selected startups will receive:

• Mentorship and coaching from industry experts and seasoned entrepreneurs.
• Up to $25,000 USD in equity-free funding.
• Access to a network of fellow founders and entrepreneurs across Africa.
• Opportunities to connect with potential investors and customers.
• Participation in a 4-week bootcamp with masterclasses, pitching sessions, and fireside chats.

Application Process:

The application portal is open from May 31st to June 21st, 2024. Applicants must submit a complete application, including information about their startup, motivation for joining the program, and necessary documentation.

Timeline:

• Applications and Selection: May — June 2024
• Bootcamp: July 2024 (In-person in Lagos, Nigeria, from July 7th — 21st)
• Incubation & Acceleration: August — December 2024

The Timbuktoo Initiative:

Launched in January 2024, the Timbuktoo Initiative is a UNDP-led endeavor to catalyze the growth of Africa’s startup ecosystem. With a target of $1 billion in funding, the initiative aims to create 10 million jobs and transform 100 million lives by supporting innovative solutions in various sectors, including fintech.

Africa’s Fintech Potential:

Africa’s fintech landscape is rapidly expanding, with private venture capital investments growing significantly. The continent’s young population and burgeoning tech scene present a unique opportunity for innovation and economic growth. The Timbuktoo Fintech Startup Accelerator Program seeks to harness this potential by empowering African entrepreneurs and startups to develop and scale impactful solutions.

For more information and to apply, please visit the official webpage of the UNDP Timbuktoo Fintech Startup Accelerator Programme.