Amazon Web Services (AWS) has launched a call-for-applications for early-stage startups to participate in the inaugural edition of the AWS FinTech Africa Accelerator.
The accelerator is aimed at supporting fintech startups in Africa that leverage innovative technology to solve financial inclusion challenges. The selected startups will receive technical support and training, mentorship, access to AWS services, and up to $50,000 in AWS Activate credits.
The program is open to all pre-seed and seed-stage fintech startups operating in Africa and will run for a period of six months. The application process is currently open and will remain open until April 27, 2023.
The program will be hosted by AWS’ well-known Startup Loft Accelerator and will be dedicated to fintech and fintech-adjacent startups operating in Africa. According to Briter Bridges, Africa’s fintech industry has been the largest recipient of venture funding on the continent for the past few years, with over $2 billion USD raised in 2022 alone.
The equity-free program is offering a range of resources to participants, including:
- Strategy development
- Tech team management
- Product development
- Guidance on navigating the fundraising process
with the aim of helping selected startups develop and grow their businesses on the African continent.
Startups that take part in the AWS FinTech Africa Accelerator will also have the opportunity to join AWS’ Activate program with resources such as Activate Credits of up to $25,000 and other services. In addition, participating founders will receive tailored support in a series of workshops and one-on-one sessions led by industry experts to address their unique challenges and opportunities.
The cloud computing giant has a long-standing presence in Africa dating back to the opening of a development center in South Africa in 2004. Over time, AWS has expanded its operations in Africa by opening multiple offices and data centers with the goal of establishing itself as the leading cloud service provider in the region.
In 2020, AWS launched its Africa region headquartered in Cape Town, South Africa, which operates several Availability Zones, each geographically separated from the others such that a problem at one center will not affect AWS system or its users.
Currently, the Africa region is serviced by 3 AWS data centers – two in South Africa and the third in Nairobi, Kenya.
AWS has plans to develop further across Africa to best service the needs of the continent’s rapidly expanding market as well as its growing data storage needs.
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