The United Nations Development Program (UNDP) has announced the opening of applications for its timbuktoo Fintech Start-up Accelerator program, where selected African start-ups will receive $25,000 equity-free funding.
According to the program’s announcement published by the UNDP, in addition to the funding, start-up founders in the program will also receive mentorship and coaching from Africa’s leading industry experts and seasoned entrepreneurs.
Other benefits include access to a network of fellow start-up founders and entrepreneurs from across the African continent; the opportunity to connect with and access potential investors as well as customers; and access to technical resources, tailored to accelerate the growth and impact of the start-up.
Requirement
The program announcement indicated that the applications are open to technology-focused entrepreneurs and start-up founders across Africa aged between 18 and 35, who can build, or are already building, fintech start-ups that meet the following criteria:
Citizens of an African country.
Start-ups must be locally owned and based in any African country.
Start-ups leveraging technology in the financial services sector to capitalise on complex development opportunities and solve challenges.
Start-ups with a minimum viable product.
Start-ups with existing corporate governance systems, accountability, and social and environmental safeguards.
Furthermore, UNDP said the program will be supporting start-ups that have a technology-enabled solution at its core, utilizing digital tools and platforms to drive innovation and efficiency in the financial sector.
Attention will also be paid to start-ups whose solutions contribute towards one or more of the SDGs, by promoting growth, industrialization, trade, education, health, and inclusive governance among others.
According to the organizers, the application portal open from May 31st, 2024, to the 21st of June 2024. Interested and qualified start-ups can apply here.
About “Timbuktoo”
At a special session of the 2024 World Economic Forum in January this year, the UNDP launched a $1 billion innovation fund aimed at supporting start-ups across Africa.
Tagged the “timbuktoo Africa Innovation Fund”, the initiative was launched together with African countries’ leaders including President Paul Kagame of Rwanda, President Nana Akufo-Addo of Ghana, the Secretary General of the African Continental Free Trade Area Secretariat, Wamkele Mene.
According to the UNDP, timbuktoo’s ambition is to mobilize and invest $ 1 billion of catalytic and commercial capital to transform 100 million livelihoods and create 10 million dignified new jobs.
