The United Nations Development Programme (UNDP) and the Timbuktoo Africa Innovation Foundation have inaugurated the Fintech Timbuktoo Hub in Lagos, Nigeria. This state-of-the-art facility is strategically located at the UNDP Innovation Center and aims to become a focal point for fintech entrepreneurs, investors, and industry experts across the continent.
A Collaborative Workspace for Innovation
The Fintech Hub is designed to foster a collaborative environment where startups and established fintech companies can thrive. It offers a range of resources including mentorship programs, expert guidance, and a shared workspace that encourages innovation and growth in the financial technology sector.
Remarks from Dignitaries
During the launch, H.E. Babajide Sanwo-Olu, Governor of Lagos State, highlighted the hub’s potential impact: “The launch of the Timbuktoo Fintech Hub today embodies our shared commitment to fostering and driving solutions to Africa’s challenges. The hub will catalyze efforts to propel the Continent towards a more globalized way of doing business.”
Ms. Ahunna Eziakonwa, UN Assistant Secretary-General and UNDP Regional Director for Africa, echoed these sentiments: “Africa is the place where ideas come 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’s Vision and Mission
Timbuktoo, a collaborative initiative by UNDP in partnership with African governments and the private sector, aims to support Africa’s innovation ecosystem through public-private collaboration. By nurturing local talent and fostering cross-border partnerships, the Timbuktoo Fintech Hub is poised to play a pivotal role in shaping the future of financial technology in Africa. This initiative is a testament to UNDP’s commitment to leveraging technology for sustainable development.
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Launch Event Highlights
The launch event featured the onboarding of the first Pan-African Cohort of Fintech Startups and a Fintech for Development Marketplace. This marketplace showcased innovative financial technologies with the potential to drive economic growth and transformation. Additionally, the event included networking sessions, policy dialogues, and fireside chats with key ecosystem stakeholders, creating a platform for collaboration and knowledge exchange within the African fintech sector.
Timbuktoo’s Broader Initiatives
The Timbuktoo initiative was officially launched in January 2024 at the World Economic Forum in Davos and is operated by the Timbuktoo Africa Innovation Foundation, headquartered in Kigali, Rwanda. Incorporated in March 2024, the foundation is already building university innovation pods (UniPods) in 13 African cities. These UniPods serve as centers for research and development, offering young innovators space to transform their ideas into viable products and profitable ventures, similar to the UniPod at the University of Rwanda.
Future Hubs and Thematic Focus
In addition to the Fintech Hub in Lagos, Timbuktoo is establishing thematic hubs across Africa to provide venture-building support in various sectors, including EdTech, MineTech, AgriTech, Creatives, SmartCities, TradeTech, and GreenTech. This year, Timbuktoo aims to launch additional hubs, starting with HealthTech in Kigali and AgriTech in Accra.
Supporting African Youth with Early-Stage Capital
Timbuktoo will also offer early-stage risk capital to ventures led by Africa’s youth. This will be facilitated through a fund based in the Kigali International Financial Centre, recognized as the third best international financial centre in Africa. The goal is to provide financial support to innovative projects, ensuring that Africa’s young entrepreneurs have the resources they need to succeed.
Conclusion
The launch of the Fintech Timbuktoo Hub in Lagos marks a significant milestone in Africa’s journey towards becoming a global leader in fintech innovation. By providing a collaborative workspace and fostering a supportive ecosystem, the hub aims to drive economic growth and technological advancement across the continent. With continued investment and support, initiatives like Timbuktoo will play a crucial role in harnessing Africa’s potential and transforming it into a hub of global innovation.
