May 31, 2023
by In a major boost to the African fintech ecosystem, Amazon Web Services (AWS) has announced the selection of 25 promising startups for its inaugural ‘Fintech in Africa’ accelerator program. This initiative is designed to support and nurture innovative fintech companies across the continent, providing them with the necessary tools, resources, and mentorship to scale their businesses and drive financial inclusion in the region.
Africa’s fintech sector has been experiencing remarkable growth in recent years, with numerous startups revolutionizing banking, payments, lending, and insurance services. Recognizing the immense potential of this industry, AWS launched the accelerator program to fuel further innovation and address some of the unique challenges faced by African fintech startups.
The selection process was highly competitive, with hundreds of applications received from fintech startups across the continent. After careful evaluation and consideration, a panel of experts from AWS, venture capital firms, and industry leaders finalized the list of 25 startups that demonstrated the most promise and potential for growth.
The chosen startups represent diverse fintech solutions, including mobile banking platforms, peer-to-peer lending platforms, digital wallets, insuretech, and blockchain-based solutions. Each of these startups will receive a comprehensive package of benefits and support from AWS, including technical mentorship, architectural guidance, business insights, and up to $50,000 in AWS Activate credits.
The accelerator program will be delivered through virtual and in-person support, enabling startups to leverage AWS’s global infrastructure and cutting-edge cloud computing technologies. This will empower these startups to develop and deploy their solutions at scale while addressing key challenges such as security, compliance, and data privacy.
Additionally, the selected startups will gain access to a network of global mentors, industry experts, and potential investors. This exposure to experienced professionals and investors will provide valuable guidance, strategic advice, and potential funding opportunities, further enhancing their growth trajectory.
The startups selected are as follows:
- Nigeria – Ashiri NG, bunce, DeemPay, Fluna, Incash, KoinWa, Stacs, Vagrent Africa, WALLX Africa, Zainnest, and Zeeh Africa.
- Kenya – Chumz, hela.money, Kiotapay, and Mauzo.
- Ghana – Asaana Pay, Edanra, Exxtra, and H28 Technologies.
- Uganda – eMaisha Pay and Xazu Technologies – and two from
- South Africa – Abela iMali and Moya Money.
- Cameroon- Dreamcash, a startup from Cameroon
- Egypt-MazAid.
By supporting these fintech startups, AWS aims to accelerate the development and adoption of innovative financial solutions in Africa, thereby fostering financial inclusion and economic empowerment. The program’s ultimate goal is to enable these startups to scale their operations, reach new markets, and positively impact millions of underserved individuals and businesses across the continent.
The AWS ‘Fintech in Africa’ accelerator program is a significant milestone for the selected startups but also a testament to the growing recognition of Africa as a hotbed of fintech innovation. With its youthful population, expanding internet connectivity, and increasing smartphone penetration, the continent holds tremendous potential for digital financial services.
The success of these 25 startups will inspire and encourage aspiring entrepreneurs, attracting further investments and talent to the African fintech ecosystem. Moreover, the collaboration between AWS and the selected startups will contribute to the overall growth and maturity of the fintech industry in Africa, fostering a vibrant ecosystem that drives technological advancement and economic progress.
