Flexible financial services in Nigeria and Africa at large are about to hit a new amazing level with the recent unveiling of the United Nations Development Programme (UNDP) innovation centre and Timbuktoo Fintech hub in Lagos.
Timbuktoo is a pan-African initiative that seeks to establish innovation hubs across Africa and catalyse thousands of techs as well as tech-enabled enterprises to create wealth, especially for the undeserved population. The initiative has so far birthed eight hubs and 13 UniPods (University Innovation Pods) in universities on the continent.
Imagine a fintech outlet that enables ambitious, but “capital-less” entrepreneurs to own businesses and make reasonable profits, or one that easily facilitates loans to businesses at zero interest rate, or a platform that allows startups to seamlessly market their products beyond borders. Timbuktoo makes these and more possible through young, talented Africans it empowers to create cutting-edge financial solutions.
Forty-two fellows with exceptional ideas were shortlisted in the first cohort of the initiative to proffer solutions to investment barriers, create wealth especially for the underprivileged population and ultimately reduce widespread poverty on the continent to the barest minimum.
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“We found out that despite the fact there are a lot of talents and ingenuity of African youths, there weren’t enough opportunities, particularly for early stage capital,” said Ms Ahunna Eziakonwa, the UN Assistant Secretary General and UNDP Regional Director for Africa.
“UNDP thought that unless we are able to create opportunities for finances/investments to flow into this early stage risk capital, we will not be able to get the volume of the transformation we want.”
This, according to her, is one of many solutions timbuktoo brings to the table by creating capital that is both commercial and catalytic.
“Africa is perceived to be high risk by many investors. With catalytic funds which will mostly be mobilised by the Timbuktoo Foundation, we will be able to de-risk the environment and create more confidence in investors,” she stated.
Beyond fintech, agritech and healthtech which seem to get most attention, Eziakonwa said timbuktoo covered 10 thematic areas in an attempt to capture the gamut of the sustainable development goals and fully leverage Africa’s development sectors.
This lofty ambition is in sync with the African Union Agenda 2063 of Africa We Want and the goal of the African Continental Free Trade Area (AfCFTA) to eliminate all barriers to business transactions on the continent.
“We want to create pan-African DNA in our innovation journey,” Eziakonwa declared, while acknowledging border-induced fragmentation that prevents most entrepreneurs from reaching bigger markets.
“We have AfCFTA which is trying to remove these barriers. Timbuktoo is also promoting a borderless Africa when it comes to goods and services, particularly in the area of innovation,” she added.
Africa’s youthful population a headstart
With an average age of Nigeria’s estimated 216 million population put at 17 and Africa’s 1.4 billion at 19, the continent is alive to a bustling generation of smart, highly innovative, young people, Timbuktoo guardian and former Vice President, Professor Yemi Osinbajo, stated.
The law professor expressed firm belief that this generation would solve the world’s biggest problems—shelter, healthcare, infrastructure—but noted the role of the enablers such as the UNDP and the private sector was critical.
“In the past five years in Nigeria, we have seen the dramatic power of vision to bring amazing prosperity. Just here in Nigeria, we have about six unicons. Flutterwave alone is valued at about $3bn, Interswitch is valued at over $1bn; Opay at over $2bn. All the founders of these unicorns were under 30 when they founded them.
“It is this spirit of innovation that will power Nigeria and indeed Africa of our dreams. That is why the vision of timbuktoo is so vital. We are holding our breaths on the incredible achievements that these young men and women would make in the coming years,” he added.
Timbuktoo: is pan-African initiative that seeks to have innovation hubs across Africa to catalyse hundreds of thousands of tech or tech-enabled enterprises, creating millions of wealthy individuals. There are 13 UNIPODS – innovation hubs in universities and we have about 8 innovation hubs like the one in Lagos. 35 candidates shortlisted for the first cohort.
Lagos State Governor Babajide Sanwo-Olu, represented by Commissioner for Innovation, Science and Technology, Tunbosun Alake, welcomed the 42 Timbuktoo fellows to the state and assured the UNDP of the government’s support for the innovation centre and the fintech hub.
“Timbuktoo fintech hub and the UNDP innovation centre mark a significant milestone in our journey towards sustainable development. This initiative represents a bold step in addressing some of our most pressing challenges. It embodies our shared commitment towards driving creative solutions to all the pressing challenges we face on the Africa continent,” he said.
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