Africa’s foremost innovation hub, the Africa Fintech Foundry (AFF), has opened up
its registration portal for the 2021 Accelerator program.
The initiative, which is being executed in partnership with Access Bank Plc, seeks to
fast-track the growth of the best start-ups operating within the African technology
ecosystem. The ‘Accelerator’ programme will fast track and assist the selected start-
ups to navigate issues such as start-up pricing and competitiveness, creating
endearing customer experiences, support and retention, hiring and people
management, scaling for growth and product development cycle fundamentals
Speaking at the launch of the initiative, the Head of the Africa Fintech Foundry,
Daniel Awe, said, “Research has shown that 90% of start-ups fail due to various
reasons such as lack of funding, being in the wrong market, a lack of research, mis-
aligned partnerships, ineffective marketing and poor competitive positioning to name
a few. 90% is a high percentage rate of failure. This indicates that many things
need to go right for a business to succeed. Enabling start-ups to grow, scale and
remain relevant in the tech space is where we play a major role as AFF.”
“Since its establishment, the Africa Fintech Foundry has progressively demonstrated
leadership in the areas of innovation, financial technology and entrepreneurship. We
recognise the vast array of talent possessed by Africans and the wider global players
and the immense potential that our technological start-ups have.
Hence, through the Accelerator programme k, we will be providing cohorts with
mentorship and clinic hours from leading entrepreneurs, investors and industry
experts. They will also get access to funding, unrivalled business insights, access to
markets and networking opportunities with our partners at various stages of the
program,” he said.
The AFF Accelerator programme will span 12 weeks, with formal and informal
mentorship from established founders, investors and pioneers across various industries
Ade Bajomo, Access Bank’s Executive Director for Information Technology and
Operations, highlighted the need for increased corporate investment in tech-focused
capacity building initiatives. He said “Technology can serve as the catalyst for
solving many of the problems faced across various industries. We also believe that it
holds the potential to resolve social and economic challenges faced across the
African continent. Therefore, as Africa’s gateway to the world, we have partnered
the continent’s leading accelerator, the Africa Fintech Foundry, to create a platform
that will nurture the brightest minds, providing them the needed resources to develop
and scale their projects, to the benefit of all.
Start-ups to be considered for admission into the programme include those that:
have a tech-enabled solution; offer a unique solution or unique application in a
regional setting; have a cross-functional team with a deep understanding of the
market – which includes technical lead(s) and founder(s) that are fully committed to
the business; have a defensible position (IP; network effects; domain or region
expertise); have been in operations for at least 6 months, amongst others.
Interested participants can visit www.africafintechfoundry.com for more information.
Those who meet the required criteria will be required to fill an online application.
Entry deadline has been disclosed as Saturday, 31 January 2020.