Supporting and establishing youth-led tech startups can boost economic activities in finance, agriculture, and healthcare, contributing to overall growth on the continent. Such moves create jobs, address unemployment among Africa's youth, and provide livelihoods.
The UNDP and the Timbuktoo Africa Innovation Foundation launched the first Fintech Timbuktoo Hub in Lagos, Nigeria on July 9. This facility aims to drive innovation and growth within Africa's fintech ecosystem.
The moment is here!
— UNDP Nigeria (@UNDPNigeria) July 9, 2024
We are live at the launch of the premier #timbuktoo Fintech Hub.
Today, we are revolutionizing the future of fintech in Africa.
Join us: https://t.co/olFgxgSmlV pic.twitter.com/9i0oLVlBh8
Speaking during the launch, Ms Ahunna Eziakonwa, the UN Assistant Secretary-General and UNDP Regional Director for Africa,said: “Africa is the place where ideas comes from to unite the world. Our innovators are finding solutions to the most pressing global problems. timbuktoo is about changing the way development works and investing in young talents. I invite you all to join and begin to see Africa from the lens of opportunity."
Timbuktoo is a partnership between the UNDP, African governments, and the private sector, positioned as the world's largest initiative supporting Africa's innovation ecosystem and reshaping financial technology and development across the continent. Launched in January 2024 at the World Economic Forum in Davos and headquartered in Kigali, Rwanda, the initiative leverages collective power to create scalable and impactful conditions across Africa. Timbuktoo aims to mobilize and invest US$1 billion in capital to transform 100 million livelihoods and create 10 million dignified new jobs across African countries.
This hub, located at UNDP's Innovation Center in Lagos, isthe first of eight tech hubs, with additional hubs planned for 2024 in Kigali, Rwanda (Healthtech), Accra, Ghana (Agritech), and Lusaka, Zambia (Minetech). Forty-two young startups from 31 African countries have been selected for the first cohort.
The launch is pivotal to innovation and financial inclusion across Africa. It will serve fintech entrepreneurs, investors, and experts, offering collaborative workspaces, mentorship programs, and advanced technology to support startups across Africa in building impactful solutions.
Africa, with 60% of its population under 25, presents a fertile ground for innovation despite a low unique mobile subscriber penetration rate of 43% in 2022, according to the 2023 ‘Mobile Economy Sub-Saharan Africa’ report by GSMA. GSMA projects that by 2025, 634 million Sub-Saharan Africans (52%) will subscribe to mobile services, driving digital transformation.By nurturing local talent and fostering cross-border collaborations, the Timbuktoo Fintech Hub will play a pivotal role in shaping Africa's financial technology future, reflecting the UNDP's commitment to sustainable development through technology.
Hikmatu Bilali
