The fact that eleven Nigerian fintech startups made it to the finals of the AWS Fintech Africa Accelerator cohort is a big step forward for the country’s fintech startup industry.
Amazon Web Services (AWS) picked a total of 25 fintech startups, and these Nigerian companies got one of the coveted spots in the first group of AWS startups.
This accomplishment shows more than anything else that the Nigerian tech startup ecosystem is becoming more powerful and has a lot of promise.
The FinTech Africa Accelerator is a global programme run by Amazon, which is a leader in cloud computing. Its goal is to help and grow potential fintech startups in Africa.
The programme started on May 24 at the AWS Startup Loft in San Francisco. Key players in the African financial technology industry, such as the Africa Fintech Summit, Unicorn Growth Capital, Lateral Frontiers VC, and others, have shown their support for it.
Read also: Growth4Her Cohort 2: A Call for Women SMEs in Nigeria, Cameroon
Meet Nigeria’s AWS Inaugural Cohort Finance Startups
Ashiri NG, Bunce, DeemPay, Fluna, Incash, KoinWa, Stacs, Vagrent Africa, WALLX Africa, Zainnest, and Zeeh Africa are the startups from Nigeria that have been chosen.
In the fintech space, these startups cover a wide range of value offerings and industries. Their main areas of focus are finance and loans for small and medium-sized businesses (MSMEs), cryptocurrency transfers, global remittance products, payment for freelancers, management of invoices, and export and import management.
These startups get a lot out of being in the FinTech Africa Accelerator group. During the 10-week programme, they will get customized technical help, a dedicated mentor, and the chance to show their demos to venture capitalists in the AWS network. It will also give them credits worth up to $300,000 to help them run their businesses.
This programme is meant to help founders and others in the AWS environment build relationships that will last.
The AWS FinTech Africa Accelerator selected these Nigerian businesses. It shows their successes and Nigeria’s fintech landscape’s potential and creativity. These firms are using generative AI technology to address illiteracy, healthcare burnout, and time-consuming chores.
This impacts Nigerian tech startups
The Nigerian digital startup ecosystem benefits from Nigerian startups dominating the AWS Inaugural Cohort Programme. African fintech is well-funded. According to the Partech Africa Tech Venture Capital Report, the sector earned $798 million in 2022 and $1.3 billion in 2021 in Nigeria. This accounts for most of the country’s VC funding. Nigeria’s status as Africa’s fintech powerhouse is strengthened by these firms’ AWS engagement.
Amazon provides $25,000 in AWS services to participating organizations to help their growth without taking equity or offering venture finance. Participants also receive Hubspot, Notion, and Loom credits.
These Nigerian entrepreneurs can present their solutions as the AWS FinTech Africa Accelerator cohort continues. They can also advance African fintech.
Their participation in the programme highlights Nigeria’s fintech ecosystem’s huge potential. Nigeria becomes Africa’s fintech leader.
These Nigerian startups in the AWS FinTech Africa Accelerator cohort showed perseverance, innovation, and the ability to disrupt. This success will inspire other Nigerian entrepreneurs and investors, boosting the tech startup sector. It inspires future cohorts and shows Nigeria’s fintech sector’s promising future.