Amazon Web Services (AWS), the Cloud computing branch of the tech giant Amazon has launched an accelerator and mentoring program for fintech startups in Africa supported by AWS Startup Loft Accelerator. Application for the program is currently open and closes on the 27th of April 2023.
The tech giant first declared its presence in Africa in 2018 when it announced that it would be opening a branch in South Africa, and it began operation in Cape Town in 2020. The Cape Town office now serves as the regional headquarters for AWS Africa. There are currently 3 AWS data centers in Africa: two in South Africa and one in Kenya, with big hopes of getting more as the company plans on opening a branch in Lagos, Nigeria, soon.
The 10-week program aims to equip startup founders with a wide range of resources, including strategy, tech team management, and product development, to help them through fundraising and company development hurdles.
Participants will:
- Enjoy hands-on workshops, training, and mentorship to help them grow a business. The training given by industry experts addresses each firm’s unique opportunities and problems.
- Be granted up to $25,000 for any AWS service and a free AWS Business Support subscription for a year (worth $5,000).
- Become members of a broad community to network with other CEOs and AWS partners in Africa.
- Get discounts on future AWS services and tools to help grow and expand their fintech company.
For a fintech startup to be eligible to participate in the AWS Accelerator Program, they must be able to meet specific criteria, such as
- They must be a startup or fintech located in Africa.
- Startups will build their project using at least one AWS service on the AWS platform.
- The Fintech Startups program that has already been built must be live on AWS. If not, it will be migrated to AWS during the accelerator program.
The Accelerator Program launched by AWS is an avenue to foster innovation and collaboration in the African tech sector. The African fintech industry has raised over $2 billion in seed funding in the past year, making its growth on the global market noticeable.
Although there is a significant investment in the African tech sector, many African startups still need to learn how to engage their African customers on how they can interact with their fintech solutions.
Will this accelerator program by AWS help African tech startups reach their African customers?
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Photo By Christian Wiediger
