The UNDP has opened a fintech hub in Lagos, Nigeria, as part of a $1 billion initiative to support technology startups in Africa. This is the first of ten planned hubs across the continent, with additional University Innovation Pods in 13 African cities to assist young innovators in developing their ideas.
At the launch event, 42 startups from 31 African countries were introduced as participants in the inaugural Timbuktoo Fintech Startup Accelerator Programme. These startups will receive equity-free funding of up to $25,000 each, along with mentorship and coaching from top industry experts and seasoned entrepreneurs across Africa.
Lagos State Governor Babajide Sanwo-Olu, represented by his Special Adviser on Innovation and Digital Technology, Olatubosun Alake, emphasized the importance of government support for innovation. He highlighted Lagos State’s role in providing robust infrastructure and a conducive environment for innovation and promised continued engagement with lawmakers and policymakers to drive positive policies supporting this transformative journey.
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