The United Nations Development Programme (UNDP) has launched Africa’s premier innovation centre, and Timbuktoo fintech hub in Lagos-Nigeria aimed to provide an inclusive financial support innovation ecosystem.
Elsie Attafuah, the UNDP resident representative in her address said that Lagos is the heartbeat of Africa, hence the choice of the city to host the global innovation powerhouse.
“Lagos, the fintech capital of Africa is about an extraordinary transformation to Africa, and the world, this is a movement, uproar, and empowered innovation. The future of fintech in Africa starts in Lagos now,” she said.
“We’re proud to announce the pioneer cohort of 42 startups joining the timbuktoo fintech acceleration programme and to launch the fintech hub in Lagos. Buckle!” she added.
Ahunna Eziakonwa, the UNDP’s assistant administrator/ regional director for Africa explained that Timbuktoo was founded to address the challenges of the poor and the marginalised.
Eziakonwa stressed that Africa’s problem is not poverty but lack of structure, which she described as ‘governance poverty’. She argues that Mansa Musa, the richest man that ever lived, is proof that the continent is not naturally a region of poor people.
“The root of the development problems that we face in Africa and other developing countries are structures, poverty is not in Africa’s name,” she said.
She said that Africa’s development quest is borne out of a broken social contract between those who lead and those who are being led, which has invariably given rise to economic marginalisation.
The visionary leader of Timbuktoo explained that UNDP designed Timbuktoo as an offering for Africa’s youth to spark the startup revolution which is solving the problem of an economic gap for the poor and marginalised in Africa through the various innovations of these youngsters.
Yemi Osinbajo, the former vice president of Nigeria drummed up support for the innovative African youth, who he described as a generation highly equipped to solve the world’s biggest problems.
“This generation of young people here and others from different countries of the world are the most advanced in human history, they’re the smartest; they are equipped to solve the problems of human nature such as shelter, health care and infrastructure, among others.
“But the roles of the enablers such as UNDP, and others is critical to encourage and bring to pass the hopes and dreams of these young people. That’s what we are celebrating here today,” he said.
Osinbajo is the guardian of the Timbuktoo Foundation. His role as guardian is to ensure that the foundation meets its objectives.
Mohamed Fall, the UN resident/humanitarian coordinator in his remarks applauded the Pan-African Innovation Initiative, and Technological Initiative for their leadership in this-wise.
Falls also congratulated the Lagos State governor for positioning the state as the innovation capital of Africa, he said the government’s policy is helping unlock the potential of young people to contribute to the transformation digit create jobs and address poverty in Africa.
“Fintech has the potential to unlock new opportunities, reduce given qualities, it also has the potential to increase access to financial services, improve lives of people, and foster economic growth in Nigeria,” he said.
Babajide Sanwo-Olu, the governor of Lagos State who was represented by Tunbosun Alake, the commissioner for innovation, science and technology said the innovation hub and Timbuktoo fintech marks a significant milestone journey towards sustainable development by 2030.
“This UNDP innovation centre here will be a lifeblood of progress. It embodies our commitment to fostering and driving creative solutions for all the pressing challenges we face on the African continent.
“It’s by no accident that Lagos is hosting the first cohort in fintech just to show the sheer dynamism and entrepreneurial spirit we have in the state,” he said.
However, he disclosed that innovation cannot happen without the government, hence, it is important to continue to engage the lawmakers for collaboration to optimise the benefits of invention.
Caleb Mutfwang, the governor of Plateau State said he was convinced that his colleagues in Nigeria need to be part of such an innovative initiative to solve Africa’s greatest challenge, which he said is poverty.
The event witnessed the convergence of 42 young innovators from across Africa who are transforming market forces to favour the poor and the marginalised. Besides, Patrick Okorie, popularly known as ‘Patoranking’ was unveiled as UNDP regional ambassador.
The Timbuktoo Foundation is already building university innovation pods (UniPods) in 13 African cities as centres for research and development offering young innovators space to transform their ideas into minimum viable products and profitable ventures.
Timbuktoo is also establishing thematic hubs as centres of excellence across Africa to offer a world-class one-stop shop in the ecosystem and venture-building support in areas like FinTech, EdTech, MineTech, AgriTech, Creatives, SmartCities, TradeTech, and GreenTech.
It plans to establish at least three hubs in 2024, starting with FinTech in Lagos, HealthTech in Kigali and AgriTech in Accra. Timbuktoo will also offer early-stage risk capital to the ventures of Africa’s youth.
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