AFRICA: UNDP call for projects to provide green financing for 25 fintechs

Start-ups investing in agriculture, logistics, trade and health in Africa will be able to benefit from a new programme. This is the Timbuktoo Fintech Hub start-up acceleration programme, for which the call for applications was launched on 5 June 2024 by the United Nations Development Programme (UNDP) and the Timbuktoo African Innovation Foundation.

“The Timbuktoo initiative is a movement driven by the passion and dedication of Africa’s youth. The initiative aims to harness the untapped potential of young African entrepreneurs by providing them with the resources and support they need to turn their innovative ideas into successful businesses,” said Elsie G. Attafuah, UNDP Resident Representative in Nigeria, during the launch of the call for applications, which closes on 20 June.

In agreement with the Federal Government of Nigeria, the acceleration programme will take place in a new bespoke Timbuktoo Fintech Hub in Lagos. This is one of Timbuktoo’s eight thematic hubs, which will incubate and accelerate the most promising African start-ups. “The Timbuktoo Fintech Hub will also facilitate and accelerate the resolution of the complex challenges facing the continent, and promote inclusive growth and sustainable development”, states the UNDP.

Up to $25,000 per start-up

For the first Timbuktoo Fintech Hub, only 25 start-ups will have the chance to take part. These will undoubtedly be the most innovative young companies, but that’s not all. They will also have to be locally owned and based in any African country, led by tech entrepreneurs and founded by young people aged between 18 and 35.

Selected startups will benefit from mentoring and coaching by Africa’s leading industry experts and seasoned entrepreneurs, $25,000 in non-capital funding per startup to support their growth, access to a rich network of African startup founders, entrepreneurs, investors and potential customers, and access to technical resources designed to accelerate their impact.” Timbuktoo’s ambition is to mobilise and invest $1 billion of catalytic and commercial capital to transform livelihoods and create dignified jobs,” says Ahunna Eziakonwa, Under-Secretary-General of the United Nations (UN) and Director of the Regional Office for Africa.