UNDP launches first Fintech hub in Lagos, unveils pioneer cohort of 42 startups

The United Nations Improvement Programme (UNDP) has launched a fintech hub on the UNDP innovation centre in Lagos, Nigeria as a part of its $1 billion initiative to assist Africa’s know-how startups.  

The Lagos hub, a primary in a collection of 10 deliberate know-how centres throughout Africa, will probably be adopted by centres in Kigali, Cairo, Cape City, Accra, Casablanca, Dakar, and Nairobi. 13 African cities will even be residence to College Innovation Pods, serving as launchpads for younger minds to remodel their concepts into actuality via analysis, growth, and enterprise creation.

On the launch occasion on Tuesday, 42 startups from 31 African international locations chosen to take part within the inaugural Timbuktoo Fintech Startup Accelerator Programme had been unveiled. The startups will obtain equity-free funding of as much as $25,000 alongside mentorship and training from Africa’s main business specialists and seasoned entrepreneurs.

Some chosen Contributors of the Timbuktoo Fintech Startup Accelerator Programme

“In latest instances, we now have seen the dramatic proof of the facility of innovation which brings superb prosperity,” Former Nigerian Vice-President Yemi Osinbajo mentioned on the occasion. He cited the quite a few unicorns which have come out of Nigeria and spoke concerning the prospects of the startups chosen for the accelerator programme. 

Lagos State Governor Babajide Sanwo-Olu, represented by his Particular Adviser on Innovation and Digital Expertise, Olatubosun Alake, expressed assist for the hub.

“Innovation can’t occur with out authorities assist. Lagos State authorities has been a pivotal a part of this growth, offering strong infrastructure and fostering an surroundings conducive to innovation,” Alake mentioned. “We are going to have interaction with lawmakers and policymakers to drive constructive insurance policies that may additional improve and maintain this transformative journey.” 

Nigerian Musician Patrick Okorie (Patoranking) was introduced as the brand new UNDP Africa Regional Goodwill Ambassador on the occasion

Africa is residence to the fastest-growing and youthful inhabitants on this planet, with innovation on an increase inside the continent, the $1 billion initiative will encourage collaboration and data sharing, accelerating progress all through the continent.