Access Bank’s innitiative to create a strong tech ecosystem in Nigeria , Africa Fintech Foundry (AFF) held its press conference in Lagos and its going to be a game changer .
Below are all the details you need on Access Bank’s AFF.
About Africa Fintech Foundry (AFF)
Answer: Africa FinTech Foundry (AFF) is an Access Bank initiative that aims to nurture, fund, and accelerate the growth of Tech startups in Africa through its mentorship and accelerator programmes, fast-tracking their growth and maturity to deliver relevant solutions to the market, providing greater access to financial services to the financial excluded across the continent.
AFF’s area of focus?
Answer: AFF is focused on Technology startups in the growth phase of their business lifecycle. This includes but not limited to the following; eduTech, healthTech, insureTech, FinTech, AgriTech and RegTech.
What value does AFF provide to the startups?
Answer: AFF scouts the startup ecosystem, conducts open application processes, and leverages off partner networks (global accelerators, financial and technology partners, government and donor agencies etc.) to find and attract promising FinTech startups to provide the following services:
- Mentorship and Training
Africa FinTech Foundry (AFF) conducts a 17-week accelerator programme offering startup cohorts co-working space, mentorship by talented AFF partners and in-house operators, access to AFF facilities and amenities (internet, research, computers etc.), business acceleration, pitch training and many more.
AFF through its partner network offers funding of $30,000 in pre-programme investment and
post-accelerator programme investment after Demo Day to promising startup cohorts.
Africa FinTech Foundry (AFF) uses the accelerator model to transform the startup ecosystem in Nigeria and across the continent by assisting startup cohorts refine their business model, products/solutions, and customer segments, securing resources and access to capital, enabling startups to grow and achieve scale.
Africa FinTech Foundry (AFF) leverages on its extensive partner networks and relationships to offer startup cohorts access to markets, customers, funding, educational and mentorship opportunities. Post Demo Day, successful startups are exposed to a plethora of networking opportunities to meet venture capital firms, angel investors, corporates, and other qualified investors.
- Post-programme support
Startup cohorts from the AFF continue to receive ongoing support post Demo-Day, as well networking opportunities with the extensive AFF partner network. Startups also receive formal and informal referrals, voluntary quarterly check-ins and invitations to mentor current cohorts in the accelerator programme, and most importantly, continued access to funding.
How is technology an enabler for business growth?
Answer: Technology helps to provide opportunities for business to continually expand. It serves almost as an extra factor of production that helps to provide new ways to work, grow and deliver products and services that meet the needs to customers. This helps businesses to be customer focused with the following advantages/benefits to customers; freedom of choice, transparency, trust, and being valued.
What role do Tech Startups play in growing the African economy
Answer: The growth of technology startups in Africa is very instrumental to the survival of the continent on a larger scale. New ideas translate into new businesses, which inevitably drive employment opportunities and become an enabler of both social and economic development. In addition to this, these key players help ensure that the economy is diversified, as there is less concentration on one sector. Another important benefit is the increase in investments obtained by these startups from both local and international Organisations. All of these has led to more structured economy’s infrastructure, creation of more jobs and a lift in income for the average earner.
What role AFF is playing in the tech space ecosystem?
Answer: As an innovation hub, the Foundry has created a sustainable platform, whereby innovative and disruptive solutions are created by quality startups. Most importantly, it brings together key players ranging from business angels, larger corporates, venture capitalists, innovation hubs, tech enthusiasts, industry experts to a common field to solve complex problems and create a ‘wow’ effect. To summarize, the Foundry seeks to build up the business capacity of startups, support business development, and facilitate access to capital, markets, customers and global innovation partners. What significant role do partnerships play in the tech ecosystem?
Answer: Collaboration between technology start-ups and large corporates is key for fostering innovation in Africa. This kind of relationship is extremely beneficial to all parties with the ecosystem. In the long run, this helps corporates enter and create new markets, while start-ups are able to develop feasible and scalable products.
Question: Are we open to partnerships and how can my organization partner with Africa Fintech Foundry?
Answer: Yes, AFF is open to collaborating with potential partners. Since its inception, our partners are both within local and global reach. Please feel free to contact us via email (firstname.lastname@example.org) on collaboration opportunities that can exist between both entities.