Technology investment company Sasware Nigeria has announced the launch of a 12 month startup-in-residence incubation programme, targeting fintech entrepreneurs of potential interest to the investment firm.
Referring to the initiative as a “co-entrepreneurship programme” between Sasware and the chosen startups, the programme will launch in 2016 taking the form of an intensive 12-month residency programme.
During the year-long incubation period, Sasware said the intention is to form a team with the entrepreneur, and together define, develop and iterate a product to take to market.
Sasware will support the entrepreneurs by being actively involved in the startup’s growth trajectory, providing business skills support, multi-sector expertise, and funding.
The programme is set to run annually, with each year’s incubator to be dedicated to a different focus area, addressing challenges faced by Nigeria and Africa.
The 2016 incubator will be dedicated to fintech, with Sasware saying the low level of financial inclusion in Nigeria and across the continent is holding back development. Addressing the challenge is key to unlocking the region’s wealth, and will allow Africa to be integrated into the global financial services sector, the company said.
“Despite better access to technology with hundreds of millions accessing mobile technology, African people still struggle with access to financial services. From banking to insurance, mortgage and pension,” said Ifeoma Uddoh, chief operating officer (COO) at Sasware.
“Technology is needed in these areas to disrupt the traditional financial services that have failed millions. The sector still requires more innovation to harness the impact of technology in the way Africans access financial services.”
Applications are open until May 2, here.