Fintech
Introducing the first cohort of the Timbuktu Fintech Hub
New York City – July 17, 2024
The United Nations Development Programme and the Timbuktu Africa Innovation Foundation have presented the first cohort of fintech startups at the launch of the Timbuktoo Fintech Hub in Lagos, NigeriaThese innovative startups, chosen from over 800 applicants from 40 African countries, represent a broad range of fintech solutions addressing critical development challenges in line with the Sustainable Development Goals (SDGs).
The selected startups span across sectors including financial inclusion, agriculture, healthcare, education, clean energy and climate action. Their innovative solutions aim to address pressing issues such as poverty reduction, economic growth and reducing inequalities across the continent. These innovations are solution-driven businesses aligned to the Sustainable Development Goals: SDG 1 – No poverty, SDG 2 – Zero hunger, SDG 3 – Good health and well-being, SDG 4 – Quality education, SDG – 5 Gender equality, SDG 7 – Affordable and clean energy, SDG 8 – Decent work and economic growth, SDG 9 – Industry, innovation and infrastructure, SDG 10 – Reduced inequalities, SDG 13 – Climate action, SDG 17 – Partnerships for the goals.
Professor Yemi Osinbajo, Guardian of the timbuktoo Africa Innovation Foundation, at the launch of the pan-African Fintech Hub highlighted the transformative power of innovation during the inauguration ceremony. “Over the past 5 years in Nigeria, we have witnessed dramatic evidence of the power of innovation. It is this energy, this spirit of innovation, that will fuel the Africa of our dreams.”
The timbuktoo Fintech Hub, located at the UNDP Innovation Center in Lagos, is the first of its kind in Africa. It serves as a hub for entrepreneurs, investors and fintech experts, designed to catalyze innovation, foster collaboration and drive growth within the pan-African fintech ecosystem.
This initiative marks a milestone in UNDP’s commitment to harnessing technology for sustainable development and positioning Africa as a global leader in fintech innovation.
About Timbuktu
The Timbuktu initiative was launched in January 2024 at the World Economic Forum in Davos. Timbuktu Africa Innovation Foundation is registered and has its headquarters in Kigali, Rwanda. Inspired by the historic city of Timbuktu in Mali, it is a multi-stakeholder initiative that brings together governments, the private sector and academia to fuel Africa’s socioeconomic transformation through innovation. Timbuktoo is not about supporting one sector or one country. It is about uniting the power of the collective to create the conditions for scale and impact for all of Africa.
Guided by the Sustainable Development Goals (SDGs) and supported by UNDP, timbuktoo taps into Africa’s youth, identifying them where they are and equipping them to lead the Fourth Industrial Revolution as a path to creating exponential wealth and jobs and thereby impacting communities at scale.
For more information visit: Timbuktu