UNDP Launches Fintech Innovation Centre in Lagos to Support African Startups
The United Nations Development Programme, (UNDP) has launched a fintech hub at the UNDP innovation centre in Lagos, Nigeria as part of its $1 billion initiative to support Africa’s technology startups.
The Timbuktoo fintech hub was unveiled in Lagos, which is being spearheaded by the UNDP, is the first of a series of technology centres planned for 13 African countries, including Kigali, Cairo, Cape Town, Accra, Casablanca, Dakar, and Nairobi.
Also, at the launch, 42 startups from 31 African countries were selected to participate in the inaugural Timbuktoo Fintech Startup Accelerator Programme were unveiled. The startups will receive equity-free funding of up to $25,000 alongside mentorship and coaching from Africa’s leading industry experts and seasoned entrepreneurs.
Former Vice President Professor Yemi Osinbajo, the guardian of the Timbuktoo Africa Innovation Foundation, highlighted the potential of Africa’s young population to drive innovation and economic progress.
Osinbajo noted that Nigerian unicorns like Flutterwave and Interswitch were founded by entrepreneurs under 30, showcasing the region’s capacity for technological advancement and prosperity despite the unemployment statistics sitting somewhere around 50 per cent in the country.
In his words,
“In recent times, we have seen the dramatic proof of the power of innovation to bring amazing prosperity. In Nigeria we have at least five unicorns including Flutterwave valued at over $3bn today, Interswitch, over $1bn, and Opay valued at $2bn among others. All the founders of these unicorns were under 30 when they founded these unicorns.
“You can imagine what we are going to see in the coming years. So it is this energy, the spirit of innovation that will power Nigeria and indeed the Africa of our dreams. This is why the vision, “Timbuktoo” of the African innovation fund is so vital for the continent’s innovation system. We will have 13 unicorn hubs all in universities of different countries and 8-9 innovation hubs scattered across the continent. Hence, the Lagos fintech hub is one hub that will create job opportunities and this will go a long way to reducing the unemployment rate.”
He added that Africa was bursting with young talents and expressed confidence that the talents would be phenomenal in driving growth and innovation in the continent.
Also speaking on the launch of the hub, UNDP Resident Representative, Elsie Attafuah, underscored the significance of hub, stating that it will usher in a birth of a new era in innovation and financial inclusion positioning Lagos as the fintech capital of Africa.
Source: Punch
