Africa Fintech Foundry to Boost Innovation
The Africa Fintech Foundry (AFF) has opened 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 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 amongst others.
Speaking at the launch of the initiative, the Head of the Africa Fintech Foundry, Daniel Awe, was quoted in a statement to have said: “Research has shown that 90 per cent of start-ups fail due to various reasons such as lack of funding, being in the wrong market, a lack of research, misaligned partnerships, ineffective marketing and poor competitive positioning to name a few.
“Ninety per cent 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, 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.”
The AFF Accelerator programme will span 12 weeks, with formal and informal mentorship from established founders, investors and pioneers across various industries.
Access Bank’s Executive Director for Information Technology and Operations, Ade Bajomo, 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.”