As part of its accelerator programme, Access Bank is set to empower start-ups through its Africa FinTech Foundry, (AFF) initiative.
Under the initiative, three emerging start-ups have emerged as finalists and will be receiving mentorship and advisory services, in addition to being paid N10 million.
The accelerator programme which opened its entries last month, received 306 entries and after rigorous assessment, they were shortlisted to 30 participants.
These 30 were further screened by a group made up of the Head of Africa FinTech Foundry, Mr. Daniel Awe; Group Head, Emerging Businesses, Access Bank, Mrs. Ayodele Olojede; and Vice President, Investments MBO Capital and Fintech Consultant, Mr. Oshone Ikazobor, in a bid to bring it down to 10 -15 finalists.
Speaking on the sideline of the event, Mr. Awe said the AFF was committed to empowering startups with resources in order to ensure that such start-ups are equipped to boost their businesses.
He said: “If a start-up has an idea and you throw it into a market of 42 million customers, the acceleration is going to be faster. So, it is using the entire ecosystem of our group to build the future of the country. In the next 10 years, these guys coming here we see them becoming a unicorn worth over $100 million and a season is coming where would see these startups becoming the next drivers of our economy.”
On the funding available for the start-ups, the AFF Head explained that funding is based on ideas and what would be required to move the idea forward.
“We have a commitment of about N10 million”, he said. “After they come into the accelerator programme, there are a top three, but the other ones are going to be exposed to investors”.
Awe stated that the initiative would have a direct impact on the economy because it is targeted at medium scale businesses that will eventually change economies in terms of reducing employment rate and socio-economic levels.
Also speaking at the event, the Head, Retail Product Insight and Capabilities, Access Bank Plc, Mr. Rob Giles said: “We are looking for companies with ideas that can solve real world problems and were we are different from venture capital firms is we offer an environment where startups can be supported, nurtured, advised and get access to people who are further ahead on their journey like mentors. We have seen three companies that can go all the way and our job is to make sure they stay the course and structure their foundations from the very beginning that would allow them to scale.”
In her own comment, the Founder, Farm Delight, Ms. Love Uduma, said a start-up focused on the agriculture value chain from production to distribution and consumption, would be a platform that will make an impactful stream for start-ups to get support from.
On her expectations, she said she looks forward to tech support and a good relationship with the tech community. “We have the agricultural aspect covered”, she noted, “but we need the technology assistance and also funding”, she concluded.
Africa FinTech Foundry registration portal for the 2021 Accelerator programme was opened for a 12-week period to implement the project.
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 amongst others.
Africa FinTech Foundry, which is regarded as Africa’s foremost innovation hub, is an Access Bank initiative that aims to nurture, fund and accelerate the growth of FinTech start-ups in Africa through its mentorship and accelerator programmes, fast-tracking their growth and maturity to deliver relevant solutions to the market.
