MEST and SANAD Fund Launch Pan-African Fintech Accelerator thumbnail

Claude Ayitey ERT 5 minutes, 37 seconds

ACCRA, Ghana—November 24, 2020 — The Entrepreneurship Academy of the SANAD Fund for MSME in partnership with IMPACT Lab and MEST has introduced a six-month Monetary Expertise (Fintech) Accelerator program designed for high-potential know-how companies trying to scale their enterprise, create partnerships and discover North African markets.  

Globally, the monetary sector is present process profound modifications, pushed by digital transformation and technological innovation. In Africa, the place roughly 66percentof the grownup inhabitants is unbanked, this has created an unprecedented alternative to drive monetary inclusion for all. Nevertheless, the event of the fintech {industry} is inhibited by insufficient entry to capital and gaps in technical expertise wanted to construct strong merchandise and companies that may scale efficiently.  

Thus, the core goal of the Pan African Fintech Accelerator is to stimulate growth-stage startups working throughout the fintech vertical and equip them with the expertise and information to efficiently scale their options into NorthAfrica. The six-month programme is open to Ghana, Uganda, Kenya, Senegal and Côte d’Ivoire and might be totally digital. Utilizing a high-impact and tailored market integration and immersion curriculum, coaching might be complemented by facilitated periods with North African specialists on the native fintech regulatory setting in addition to mindset tradition.  

Talking concerning the programme, Ms Ines Ebrecht, Chairperson of SANAD TechnicalAssistance Facility which runs the Entrepreneurship Academy, stated the accelerator hopes to assist the event of a resilient and agile tech ecosystem in Sub-Saharan Africa that’s able to increasing into the NorthAfrican market and competing globally’.  

To realize this objective, the accelerator welcomes startups with options in private finance, lending, insurance coverage, regulatory know-how, cost and cash switch, HR, payroll, wealth administration, accounting and expense administration. 

Ten (10)companies might be chosen to take part within the maiden version of the PanAfrican Fintech Accelerator. They are going to obtain industry-specific coaching on how to evaluate and improve their fintech product for the North African market as properly as invaluable entry to pre-identified potential purchasers, company traders, {industry} specialists and an ecosystem of institutional companions.  

Implementing the program, MEST and IMPACT Lab each carry to the initiative a wealth of information and expertise in equipping the continent’s most promising tech entrepreneurs with the talents required to launch and scale efficiently by means of coaching, incubation and seed funding.  In a joint assertion, the Director of MEST Consultancy, Prasanth Kumar, and the CEO of IMPACT Lab, Salma Kabbaj, expressed their pleasure about this system, lauding its distinctiveness in selling cross-regional studying, collaboration and immersion. They added that ‘with extra startups in Africa offering technology-based monetary options than ever earlier than, and the COVID-19 pandemic compounding the necessity for contactless commerce, it has grow to be essential for native startups to bridge their information and expertise gaps with {industry} gamers and develop stronger ties with different areas.’  

Functions for the PanAfrican Fintech Accelerator closes on December twentieth, and startups can apply right here. This system formally kicks off in January 2021 and can conclude with a reside Demo Day the place traders, {industry} specialists, corporates and ecosystem gamers will witness the transformative development of the startups. 

An equal alternative initiative, this system goals to have a good ratio of male to feminine members. candidates should have a devoted full-time founding staff and be operational for no less than two years earlier than making use of for this program.      

Utility Standards:

  • Progress stage fintech firm trying to have market entry into North Africa.
  • Operational in Ghana, Kenya, Ivory Coast, Uganda and Senegal
  • No less than one founder should be a citizen of one of many collaborating international locations.
  • Should be a Fintech startup offering options in regulatory know-how, private finance, lending, insurance coverage, cost/cash switch, HR and payroll, wealth administration, accounting and expense administration.
  • Have begun operations no less than two (2) years earlier than making use of for this program

Apply right here for the Pan African Fintech Accelerator

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