9th July 2024
The United Nations Development Programme, in collaboration with the Nigerian government, launched the Timbuktoo fintech Hub in Lagos on Tuesday, unveiling a pioneer cohort of 42 startups from 31 countries.
This milestone marks the beginning of a groundbreaking initiative aimed at driving innovation and socio-economic development across Africa.
The launch brought together high-ranking officials from various sectors of the economy, including government officials, UNDP representatives, industry leaders, investors, academics, and regulatory bodies.
The Timbuktoo fintech hub in Lagos is one of 10 thematic hubs under the Timbuktoo initiative, which forms part of the world’s largest effort to support Africa’s technology startups.
Speaking at the launch, former Nigerian Vice-President, Yemi Osinbajo, emphasized the importance of collaboration to make Africa an innovation centre of excellence.
Osinbajo, who currently serves as a guardian of the Timbuktoo Africa Innovation Foundation, said: “The spirit of innovation requires us to work together on the journey to Timbuktoo.”
He highlighted the potential of youth innovators to bring prosperity and power to the Africa of our dreams, citing successful Nigerian startups like Flutterwave, Interswitch, OPay, and Andela, founded by innovators under 30.
“Youth innovators have the power to bring prosperity and power to the Africa of our dreams. Here in Nigeria, the founders of Flutterwave, Interswitch, OPay, and Andela were under 30 when they developed these unicorns,” he added.
The hub will provide a physical and virtual space, offering state-of-the-art equipment and services for startups to build, test, and scale their solutions.
This initiative is expected to strengthen the local and regional fintech ecosystem, spurring economic growth and development across Africa.
At the event, the selected cohorts showcased tech-driven solutions to societal problems like climate change, access to credit, rent payments, medical supplies, and more.
Nigerian Afrobeats singer Patrick Okorie, better known by his stage name Patoranking, was announced as the new UNDP Africa Regional Goodwill Ambassador at the event.
The Lagos State government praised the launch of the Timbuktoo Fintech Hub, acknowledging the potential of young innovators to drive solutions to complex challenges facing the continent.
According to Governor Babajide Sanwo-Olu, represented by his Special Adviser on Innovation and Digital Technology, Olatubosun Alake, the hub’s focus on financial technology would accelerate problem-solving, promote inclusive growth, and support sustainable development.
The United Nations Resident Coordinator in Nigeria, Mohamed Fall, expressed his pleasure at the timely initiative.
He noted that the digital economy has enormous potential to be a key engine of growth in Nigeria and Africa and that the fintech hub will accelerate the achievement of the Sustainable Development Goals (SDGs) in the region.
Timbuktoo, inspired by Timbuktu, Mali, is the largest global initiative supporting Africa’s innovation ecosystem. Launched in February 2024, it seeks to transform dreams into reality, creating poverty-disruptor opportunities.
This initiative aligns with the Sustainable Development Goals and UNDP’s mission to leverage Africa’s youth in leading the fourth industrial revolution, creating wealth and jobs.
Resident Representative of UNDP Nigeria, Elsie Attafuah, stated that the launch marked a significant milestone in breaking barriers and creating opportunities for millions, with the first cohort of startups poised to redefine financial services and development across the continent.
