20 high impact fintech Startups selected to advance to the Acceleration Phase of the timbuktoo Fintech Accelerator Programme

January 12, 2025
a group of people posing for a photo

Lagos, Nigeria – 12 January 2025 - Twenty outstanding startups representing 17 African countries have been selected to advance to the Acceleration Phase of the timbuktoo Fintech Startup Accelerator Programme. This milestone is the culmination of the transformative Bootcamp Phase that brought together 45 startups from 34 African countries, equipping them with the critical tools and insights they need to take their business to scale.

The Bootcamp Phase of the Programme featured masterclasses and curated capacity building workshops on core topics including Product refinement, business development, investment Readiness, and sustainability. Startups also gained key fundraising skills and exposure to leading Pan-African investors, including Norrsken22, African Finance Corporation, HealthCap, and Seed Stars among others. 

Speaking about the initiative, Ms. Elsie G. Attafuah, UNDP Nigeria Resident Representative, said “The timbuktoo Fintech Startup Accelerator Programme embodies our commitment to unlocking the potential of young African entrepreneurs to drive sustainable development. By providing these startups with the tools, partnerships, and resources to scale their innovations, we are not only fostering economic growth but also addressing critical challenges in line with the Sustainable Development Goals.” 

Over the next five months, the Acceleration Phase of the programme will focus on:

  • Scaling Startups: Refining product development and go-to-market strategies to support growth in domestic and pan-African Markets.

  • Establishing Impactful Partnerships: Building strategic collaborations to amplify impact and broaden coverage.

  • Raising Capital: Enhancing investment readiness and facilitating connections with Africa’s leading venture capitalists and investors.

  • Equity Free Seed Funding: Each startup in the Acceleration Phase will also receive a grant of $20,000 USD to support their development.

The timbuktoo Fintech Startup Accelerator Programme, launched in May 2024, is open to startups leveraging technology in financial services to solve socio-economic challenges, contributing to growth, and demonstrating market traction with a minimum viable product (MVP). As the selected startups embark on the Acceleration Phase, this initiative reaffirms its mission to drive innovation and position Africa as a global leader in fintech development.

“Through timbuktoo, we are not just investing in solutions- we are investing in the transformative power of African technology and brilliance and ingenuity of Africa’s young innovators to help them to unlock unprecedented economic growth and social progress across the continent. This initiative – the timbuktoo Fintech Startup Accelerator Programme – is a call to action for partners around the world to collaborate with us in shaping a future where African talent drives global progress. Together, we can reimagine development and create lasting impact that empowers communities, reduces inequality, and builds a more prosperous and inclusive future for Africa,” added Ms. Ahunna Eziakonwa, UN Assistant Secretary-General and UNDP Regional Director for Africa.

 

List of 20 selected high impact startups 

About timbuktoo 

The timbuktoo initiative was launched in January 2024 at the World Economic Forum in Davos. timbuktoo Africa Innovation Foundation is registered and headquartered in Kigali, Rwanda. 

Inspired by the historic city of Timbuktu in Mali, it is a multi-stakeholder initiative bringing together governments, the private sector and academia to power Africa's socioeconomic transformation through innovation. timbuktoo is not about supporting one sector, or one country. It is about bringing together the power of the collective to create the conditions for scale and impact for the whole of Africa. 

Guided by the Sustainable Development Goals (SDGs) and powered by UNDP, timbuktoo leverages Africa's youth, finding them where they are and getting them ready to lead the fourth industrial revolution as a pathway to creating exponential wealth and jobs and thereby impacting communities at scale. 

For more information visit: timbuktoo.africa 

 

About UNDP 

UNDP Africa supports 46 countries in accelerating the achievement of the sustainable development goals (SDGs) by eradicating poverty in all its forms and dimensions, expediting structural economic transformation for sustainable development, building resilience to shocks, and promoting sound governance, peace and security throughout the continent. Guided by the principle that Africa is not homogenous, UNDP's Renewed Strategic Offer in Africa is a premier ENABLER and INTEGRATOR for the 2030 Sustainable Development Agenda and the African Union's Agenda 2063. 

https://www.undp.org/africa

In Nigeria, UNDP has been supporting the Government and people of Nigeria in addressing development challenges through strengthening and building institutions that promote inclusive, sustainable development and democratic governance. UNPD collaborates with multisectoral stakeholders to support Nigeria meet her Vision 2030 and Sustainable Development Goals (SDGs) promise. 

https://www.undp.org/nigeria

Media Contact: 

Christabel Chanda - Ginsberg

Public Engagement, Outreach & Partnerships Lead 

christabel.chanda-ginsberg@undp.org

Tel: +234 904 935 4441