A plan by the United Nations Development Programme, African governments and the private sector to raise $1 billion to jump-start innovation among start-ups on the continent received a major boost on Tuesday with the opening of the Timbuktu Fintech Hub Centre in Lagos.
The Lagos hub, spearheaded by UNDP, is the first in a series of technology centres planned in 13 African countries, including Kigali, Cairo, Cape Town, Accra, Casablanca, Dakar and Nairobi.
Prof. Yemi Osinbajo, former Vice President and patron of the Tibukutu Africa Innovation Foundation, highlighted the potential of Africa’s youth to drive innovation and economic development.
Osinbajo noted that Nigerian unicorns like Flutterwave and Interswitch were founded by entrepreneurs under the age of 30, demonstrating the region’s potential for technological advancement and prosperity despite the country’s unemployment rate of around 50 percent.
He said, “Recent years have dramatically proven the power of innovation to bring incredible prosperity. Nigeria is home to at least five unicorn companies, including Flutterwave, now valued at over $3 billion, Interswitch, valued at over $1 billion, and Opay, valued at $2 billion. All of the founders of these unicorns were under 30 years old when they were founded.”
“You can imagine what is to come. It is this energy, this spirit of innovation that drives Nigeria and indeed the Africa of our dreams. This is why the Africa Innovation Fund’s vision ‘Timbuktoo’ is so crucial for the continent’s innovation system. We intend to have 13 unicorn hubs in universities in different countries and eight to nine innovation hubs across the continent. So the Lagos Fintech Hub will be one of those hubs that will create employment opportunities and will contribute significantly to reducing unemployment.”
He added that Africa is rich in young talent, which he believes will be a great force in driving growth and innovation on the continent.
Representing the Lagos State Governor, Babajide Sanwo-Olu, the Commissioner for Innovation, Science and Technology, Olatunbosun Alake, stressed the importance of collaboration between government and policymakers in driving this development.
“Innovation will not happen without government support. The Lagos State Government has played a pivotal role in this development, providing robust infrastructure and fostering an enabling environment for innovation. We will continue to work with lawmakers and policymakers to drive the development of positive policies that will further strengthen and sustain this transformational journey,” he promised.
He added that the creation of the fintech hub was in line with the Federal Government’s efforts to achieve the Sustainable Development Goals by 2030.
UNDP Resident Representative Elsie Attafua also highlighted the importance of the moment: “We are here to witness the birth of a new era of innovation and financial inclusion that will position Lagos as the ‘Fintech Capital of Africa.’”
Meanwhile, UN Under-Secretary-General and UNDP Regional Director for Africa, Ahunna Eziakonwa, added that Timbuktu aimed to change how development works by shifting market forces to favour impact investments.
She noted that the program has the potential to prevent conflict and promote economic growth through innovation.
