Sylvia Duruson
The United Nations Development Program (UNDP) has opened applications for its timbuktoo Fintech Startup Accelerator program, offering selected African startups an opportunity to receive $25,000 in equity-free funding. This initiative aims to support technology-focused timbuktoo entrepreneurs and startup founders across the continent.
In addition to the financial assistance, the program will provide mentorship and coaching from Africa’s leading industry experts and seasoned entrepreneurs. Participants will gain access to a network of fellow startup founders and entrepreneurs from across Africa, potential investors and customers, and technical resources tailored to accelerate their growth and impact.
To be eligible, startups must meet specific criteria. They must be founded by African citizens aged between 18 and 35, locally owned and based in an African country. Additionally, the startups should leverage technology in the financial services sector to capitalize on development opportunities and solve challenges, with a minimum viable product and existing corporate governance systems.
The program will prioritize startups with technology-enabled solutions at their core, utilizing digital tools and platforms to drive innovation and efficiency in the financial sector. Startups contributing to one or more of the Sustainable Development Goals (SDGs), such as promoting growth, industrialization, trade, education, health, and inclusive governance, will also receive special attention.
Interested and qualified startups can apply through the designated portal from now till June 21st, 2024. This accelerator program is part of the UNDP’s broader $1 billion timbuktoo Africa Innovation Fund, launched in January 2024 at the World Economic Forum. The fund aims to mobilize and invest catalytic and commercial capital to transform livelihoods and create dignified new jobs across the continent.
With its pan-African approach and focus on supporting startups while engaging with various stakeholders, the timbuktoo initiative aims to deepen linkages between government policies, universities, corporates, development partners, catalytic partners, and commercial investors, fostering an ecosystem conducive to innovation and entrepreneurship.
