Start-Ups in the financial technology (Fintechs) space must overcome at least six major challenges in bid to grow and succeed.
These six challenges, according to Head of the Africa Fintech Foundry, Daniel Awe, includes lack of funding and being in the wrong market.
Speaking at the launch 2021 Accelerator program of the group, Awe said other factors include lack of research, mis-aligned partnerships, ineffective marketing and poor competitive positioning.
This, he added indicates that many things need to go right for a business to succeed. Enabling start-ups to grow, scale and remain relevant in the tech space is where we play a major role as AFF.”
The need to help help start-ups to overcome these challenges, he added, led to the development of the Accelerator program.
The programme will fast track and assist the selected start-ups to navigate issues such as start-up pricing and competitiveness, creating endearing customer experiences, support and retention, hiring and people management, scaling for growth and product development cycle fundamentals amongst others.
“Since its establishment, the Africa Fintech Foundry has progressively demonstrated leadership in the areas of innovation, financial technology and entrepreneurship. We recognise the vast array of talent possessed by Africans and the wider global players and the immense potential that our technological start-ups have.
“Hence, through the Accelerator programme, we will be providing cohorts with mentorship and clinic hours from leading entrepreneurs, investors and industry experts. They will also get access to funding, unrivalled business insights, access to markets and networking opportunities with our partners at various stages of the program,” he said.
The AFF Accelerator programme will span 12 weeks, with formal and informal mentorship from established founders, investors and pioneers across various industries.
Also speaking at the occasion, Ade Bajomo, Access Bank’s Executive Director for Information Technology and Operations, highlighted the need for increased corporate investment in tech-focused capacity building initiatives.
He said “Technology can serve as the catalyst for solving many of the problems faced across various industries.
We also believe that it holds the potential to resolve social and economic challenges faced across the African continent.
Therefore, as Africa’s gateway to the world, we have partnered the continent’s leading accelerator, the Africa Fintech Foundry, to create a platform that will nurture the brightest minds, providing them the needed resources to develop and scale their projects, to the benefit of all.
“Start-ups to be considered for admission into the programme include those that: have a tech-enabled solution; offer a unique solution or unique application in a regional setting; have a cross-functional team with a deep understanding of the market – which includes technical lead(s) and founder(s) that are fully committed to the business; have a defensible position (IP; network effects; domain or region expertise); have been in operations for at least 6 months, amongst others.”