Sanwo-Olu, Mutfwang, Osinbajo, Elumelu others in attendance as UNDP unveils Timbuktoo fintech hub in Lagos
...Patoranking appointed first UNDP Regional Goodwill Ambassador for Africa
The Innovation Center, Ikoyi, Lagos State, Nigeria on Tuesday, July 9, 2024 played host to Governor Babajide Sanwo-Olu, his Plateau State counterpart, Caleb Mutfwang; immediate past Vice President, Yemi Osinbajo; Chairman of United Bank for Africa (UBA), Tony Elumelu and other Crème-de-la-crème of the society during the United Nations Development Programme (UNDP) launch of the Timbuktoo fintech Hub.
The UNDP also unveiled pioneer cohort of 42 startups from 31 African countries including Nigeria, Rwanda, Ghana, Tanzania, Egypt, Mauritania, Uganda, amongst others.
In their respective speeches, the United Nations Resident Coordinator in Nigeria, Mohamed Fall and Resident Representative of UNDP Nigeria, Elsie Attafuah both expressed pleasure and hope that the initiative will drive innovation and socio-economic development across Africa.
Fall in particular noted that the digital economy has enormous potential to be a key engine of growth in Nigeria and Africa and that the fintech hub will accelerate the achievement of the Sustainable Development Goals (SDGs) in the region.
Attafuah on her part stated that the launch marked a significant milestone in breaking barriers and creating opportunities for millions, with the first cohort of startups poised to redefine financial services and development across the continent.
Timbuktoo, inspired by Timbuktu, Mali, is the largest global initiative supporting Africa’s innovation ecosystem. Launched in February 2024, it seeks to transform dreams into reality, creating poverty-disruptor opportunities.
This initiative aligns with the Sustainable Development Goals and UNDP’s mission to leverage Africa’s youth in leading the fourth industrial revolution, creating wealth and jobs.
The Timbuktoo fintech hub in Lagos is one of 10 thematic hubs under the Timbuktoo initiative, which forms part of the world’s largest effort to support Africa’s technology startups.
Also speaking at the launch, former Vice President Yemi Osinbajo who currently serves guardian of Timbuktoo Africa Innovation Foundation emphasized the importance of collaboration to make Africa an innovation centre of excellence.
‘The spirit of innovation requires us to work together on the journey to Timbuktoo,’ Osinbajo said.
He highlighted the potential of youth innovators to bring prosperity and power to the Africa of our dreams, citing successful Nigerian startups like Flutterwave, Interswitch, OPay, and Andela, founded by innovators under 30.
“Youth innovators have the power to bring prosperity and power to the Africa of our dreams. Here in Nigeria, the founders of Flutterwave, Interswitch, OPay, and Andela were under 30 when they developed these unicorns,” the former VP added.
Meanwhile, the Lagos State Government also applauded the launch of the Hub, acknowledging the potential of young innovators to drive solutions to complex challenges facing the continent.
According to the host Governor Babajide Sanwo-Olu, represented the Commissioner for Innovation, Science & Technology, Olatubosun Alake, the hub’s focus on financial technology will accelerate problem-solving, promote inclusive growth, and support sustainable development.
The hub will provide a physical and virtual space, offering state-of-the-art equipment and services for startups to build, test, and scale their solutions.
This initiative is expected to strengthen the local and regional fintech ecosystem, spurring economic growth and development across Africa.
At the event, the selected cohorts showcased tech-driven solutions to societal problems like climate change, access to credit, rent payments, medical supplies, and more.
…UNDP appoints Patoranking becomes first Regional Goodwill Ambassador for Africa
Highlight of the launch was the appointment of popular hip-hop artiste Patrick Nnaemeka Okorie, better known by his stage name as Patoranking as a Regional Goodwill Ambassador.
In his acceptance speech, Patoranking emphasized the opportunity to use his platform to support key initiatives and collaborate with young Africans to develop solutions aimed at fostering positive change and progress across the continent.
“Empowering African youth by providing them with the tools, resources, and opportunities they need to thrive is a cause close to my heart. I step into this role to lend my voice to important initiatives that hold immense potential to change development for many of our people through innovation and technology driven by the ingenuity and ambition of the continent’s majority – the young people,” said Patoranking said in his acceptance speech.
Speaking on choice of Patoranking, UN Assistant Secretary-General and Director of UNDP Regional Bureau for Africa Ms. Ahunna Eziakonwa said: “Creatives are incredibly important to the evolving story of Africa. They bring something more than money—they bring authenticity, dignity, confidence, and influence. We look forward to working with Patoranking as the UNDP Regional Goodwill Ambassador for Africa as a champion for youth innovation and timbuktoo, where he will use his talent to advocate and create opportunities for others.”
Popular female talking drummer, Aralola Olamuyiwa, aka Ara, was on ground with her band to add colour, glamour and glitz to the event.
