Eleven Nigerian startups have successfully made it to the finals of the AWS FinTech Africa Accelerator cohort, out of a total of twenty-five fintech startups selected by Amazon Web Services (AWS). This marks a significant achievement for the Nigerian tech ecosystem, as these startups secure a coveted spot in the inaugural cohort of the AWS program.
The AWS FinTech Africa Accelerator, a global initiative by the cloud computing giant Amazon, is designed to support and nurture promising fintech startups in Africa. The program kicked off on May 24th at the AWS Startup Loft in San Francisco. It has garnered support from key players in the African financial technology industry, including the Africa Fintech Summit, Unicorn Growth Capital, Lateral Frontiers VC, and others.
Among the Nigerian startups selected for the cohort are Ashiri NG, bunce, DeemPay, Fluna, Incash, KoinWa, Stacs, Vagrent Africa, WALLX Africa, Zainnest, and Zeeh Africa. These startups represent a diverse range of value propositions and verticals within the fintech space, including finance and lending for MSMEs, cryptocurrency transactions, global remittance products, freelancer payment and invoice management, and export and import management.
The 10-week accelerator program will provide the selected startups with tailored technical advice, dedicated mentorship, and the opportunity to pitch their demos to venture capitalists within the AWS network. Additionally, they will receive up to $300,000 in AWS credits to support their business operations. The program aims to foster long-lasting connections among the founders and within the AWS ecosystem.
The significance of these Nigerian startups making it to the finals of the AWS FinTech Africa Accelerator cannot be overstated. It showcases the growing potential and innovation within the Nigerian fintech landscape. These startups are leveraging generative artificial intelligence (AI) technology to drive unprecedented advancements in various sectors, including addressing issues such as illiteracy and healthcare burnout, as well as streamlining time-consuming tasks.
Fintech remains a highly funded sector within the African tech ecosystem, with last year witnessing the sector securing 36.11% of the continent’s venture capital inflow, according to BD Funding Tracker. The participation of these Nigerian startups in the AWS program further solidifies the country’s position as a hub for fintech innovation in Africa.
While Amazon will not take equity in the participating companies or offer venture debt, it has committed to providing approximately $25,000 worth of AWS services to support their growth. Additionally, participants will have access to free credits on various platforms such as Hubspot, Notion, and Loom.
The success of these Nigerian startups in reaching the finals of the AWS FinTech Africa Accelerator cohort not only highlights their individual achievements but also underscores the tremendous potential of the Nigerian fintech ecosystem as a whole. As the program progresses, these startups will have the opportunity to showcase their groundbreaking solutions and further contribute to the advancement of the fintech landscape in Africa.
