Are you a technology-driven startup passionate about leveraging innovations in the financial services sector to solve Africa’s most complex development challenges? Do you have a scalable solution with a defensible position and a clear monetization strategy?
Then the Timbuktoo Fintech Startup Accelerator Programme is for you!
Overview
The Timbuktoo Fintech Startup Accelerator Programme, initiated by the Timbuktoo Fintech Hub in Lagos, Nigeria, is a Pan-African initiative supporting startups that:
Deploy technology solutions in the financial services sector: Startups utilizing digital tools and platforms to drive innovation and efficiency in the financial sector.
Contribute towards sustainable development goals (SDGs): Startups whose solutions promote growth, industrialization, trade, education, health, and inclusive governance among others.
Are highly scalable: Startups that demonstrate high scalability either through digital distribution channels or the ability to rapidly scale their user base across African markets.
Hold a defensible position: Startups with defensible positions through Intellectual Property (IP) rights, network effects, domain expertise, or regional market dominance, ensuring a sustainable competitive advantage in the fintech landscape.
Have a strong monetization strategy: Startups with a clear and sustainable monetization strategy, showcasing a path to profitability and long-term financial viability.
Benefits of the Programme
The programme offers startup founders:
- Mentorship and coaching from Africa’s leading industry experts and seasoned entrepreneurs.
- Equity-free funding of up to $25,000 USD to support growth.
- Access to a network of fellow startup founders and entrepreneurs from across Africa.
- Connections with potential investors and customers.
- Access to technical resources tailored to accelerate growth and impact.
Eligibility
Applications are open to technology-focused entrepreneurs and startup founders across Africa aged between 18 and 35, who can build, or are already building, fintech startups that meet the following criteria:
- Founders must be citizens of an African country.
- Startups must be locally owned and based in any African country.
- Startups leveraging technology in the financial services sector to capitalize on complex development opportunities and solve challenges.
- Startups must have a minimum viable product.
- Startups must have existing corporate governance systems, accountability, and social and environmental safeguards.
- This application is limited to citizens of African Union member states.
Programme Structure
Applications
The application portal will be open from May 31st, 2024, to June 21st, 2024. Only applicants who have submitted a complete application will be considered. The application includes questions to assess formal requirements along with information about your startup and motivation to join the programme. Necessary documents must be submitted exclusively for application purposes.
Selection Process
Applications will be evaluated by an independent multi-stakeholder committee, considering eligibility criteria and alignment with the programme’s mandate. The cohort composition will ensure equal opportunities for participation across countries and gender.
Bootcamp
An immersive 4-week build-a-thon, including pitching sessions with Africa’s leading investors, masterclasses with fintech experts, and fireside chats with industry executives, will support product development, go-to-market strategies, and market testing. The bootcamp will be conducted in a hybrid format, with continuous virtual support and a 2-week physical residency in Lagos, Nigeria from July 7th – 21st, 2024.
Incubation & Acceleration
The most promising startups from the bootcamp will receive long-term tailored support for 5 months, from August 2024 to December 2024. This curated approach includes coaching, product refinement, and scaling support. Additionally, partnerships will be facilitated to spur product iterations, market access, and capital raising. Selected startups will have the opportunity to receive equity-free funding of up to $25,000 USD.
Programme Timeline
- Applications and Selection Process: May 2024 – June 2024.
- Bootcamp: July 2024 (Attendance in Lagos, Nigeria from July 7th – 21st, 2024).
- Incubation & Acceleration: August 2024 – December 2024.
Apply Here