Nigerian, Egyptian startups chosen for Dubai fintech accelerator

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Nigeria’s Amplify and Egypt’s PaySky have been selected to take part in the Dubai-based Fintech Hive accelerator, which provides mentoring, connects startups with financial institutions, and culminates with an investor demo day.

Fintech Hive, which launched for the first time last year, is an initiative of the Dubai International Financial Centre (DIFC) in partnership with Accenture.

The first and largest financial technology accelerator in the Middle East, Africa and South Asia region, the programme that looks to bridge the gaps between innovative entrepreneurs and financial industry giants. After receiving over 300 applications from all around the world, the programme has selected 22 participants.

They include two from Africa: Nigeria’s Amplify, which connects banks, telecoms and other businesses to their customers to drive adoption of digital financial services through messaging, and Egypt’s PaySky, a next-generation, multi-channel payment solution that empowers consumers and businesses to pay and get paid. The list also includes startups from countries such as India, the United Arab Emirates (UAE), Jordan, the United Kingdom (UK), the United States (US), Switzerland, Serbia and Singapore.

The accelerator programme consists of a 12-week curriculum in which startups work closely with financial institutions and other stakeholders to create innovative and forward-looking solutions that aim to address the evolving needs of the region’s financial services industry.

In the first phase of the programme, the finalists will present to executives from Fintech Hive’s partners to introduce their technology offerings, obtain preliminary feedback and discuss potential mentorship opportunities. The subsequent phase revolves around engagement and mentorship between the finalists and partners, whilst gearing up pitch preparations for Investor Day, set to conclude the programme by the end of November.

On Investor Day, each startup will promote its concept to a host of investors, bankers, government officials and members of the media. Senior executives from DIFC Authority and Accenture will also be available throughout the programme to provide clarity around business procedures and the regulatory framework in the centre.

“The extraordinary quality and overwhelming quantity of proposals we received this year is testament to the growing interest in Fintech Hive and the industry’s trust in its collaborative platform,” said Raja Al Mazrouei, executive vice president of Fintech Hive at DIFC.

“As the region’s fintech industry continues to provide unique solutions that address the evolving needs, we are committed to providing the Fintech space with invaluable access to, and feedback from, an international network of strategic partners and well-established financial institutions looking for innovative solutions to their everyday challenges.”

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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