Twenty-five African fintech startups have been chosen to participate in the inaugural Amazon Web Services (AWS) FinTech Africa Accelerator program.
This move by AWS, the cloud computing division of the world’s largest e-commerce retailer Amazon, marks its increased presence in Africa.
The call for applications from early-stage startups was announced in March, and the selected startups will now join the first edition of the FinTech Africa Accelerator.
The accelerator program will be hosted by AWS’ well-known Startup Loft Accelerator and will primarily focus on fintech and fintech-adjacent startups operating in Africa. Unlike traditional accelerators, this program is equity-free and aims to directly collaborate with CEOs and CTOs of the selected startups.
It will provide them with a diverse range of resources, including assistance with strategy formulation, tech team management, product development, and guidance on navigating the complexities of fundraising.
Out of over 500 applications received, a cohort of 25 startups has been chosen to participate in the 10-week program starting in June. Each startup will benefit from technical review workshop sessions and receive up to US$25,000 USD in AWS technical credits.
Furthermore, they will have the opportunity to receive one-on-one mentorship from prominent industry players such as the Africa Fintech Summit (AFTS), Lendsqr, and Vestbee, who will support them in building their businesses.
The selected startups represent a wide geographical spread across Africa. Eleven startups hail from Nigeria, including Ashiri NG, bunce, DeemPay, Fluna, Incash, KoinWa, Stacs, Vagrent Africa, WALLX Africa, Zainnest, and Zeeh Africa.
Kenya is represented by four startups: Chumz, hela. money, Kiotapay, and Mauzo. Ghana contributes four startups as well: Asaana Pay, Edanra, Exxtra, and H28 Technologies. Uganda is represented by eMaisha Pay and Xazu Technologies, while South Africa is represented by Abela iMali and Moya Money. Finally, Cameroon’s Dreamcash and Egypt’s MazAid complete the diverse cohort.
This initiative by AWS is expected to provide a significant boost to the African fintech ecosystem by fostering innovation and offering valuable support to the selected startups.
The FinTech Africa Accelerator program is set to contribute to the growth and development of the participating startups, enabling them to thrive in the dynamic fintech landscape of Africa.