AWS Inaugural FinTech Africa Accelerator Program

by James · March 23, 2023

The world’s largest e-commerce retailer, Amazon’s cloud computing division, Amazon Web Services (AWS), is further expanding its presence in Africa. AWS has announced a call for applications from early-stage startups to participate in the first edition of the AWS FinTech Africa Accelerator program.

This program hosts AWS’s globally recognized Startup Loft Accelerator. However, unlike previous cohorts, this edition of the program is exclusively dedicated to fintech and fintech-adjacent startups that are based in Africa.

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Details on the AWS Fintech Accelerator Program:

Dates:

Applications are open from now until 27 April 2023. All pre-seed and seed stage fintech startups operating in Africa are encouraged to apply.

What startups get:

The AWS FinTech Africa Accelerator is one share-free program designed to work directly with CEOs and CTOs to provide them with a wide range of resources including strategy, technical team management, product development and helping founders prepare to navigate the complexities of fundraising.

Participating startups will join AWS’s Activate program which will provide the founders up to $25K USD in Activate Credits, in addition to many other services. Founders will also take part in a series of industry expert-led workshops and one-on-one sessions designed to address the specific challenges and opportunities each startup faces.

AWS in Africa:

The US cloud service provider (CSP) has had a long history of operations in Africa with its first office on the continent opening in 2004 when it opened a development center in South Africa. Since then, AWS has opened more offices and data centers as the company aims to be the dominant cloud service provider in Africa.

The company announced its Africa region back in 2018 and started operations two years later in 2020. The AWS Africa region is headquartered in Cape Town. AWS Regions operate through a series of availability zones, with a center located in each zone and geographically separated enough that a problem at one center will not impact the AWS system or its clients. The Africa region is currently served by three AWS data centers, two of which are in South Africa and the third is in Nairobi, Kenya.

AWS has plans to further develop across Africa to best serve the needs of the continent’s rapidly growing industrial and data storage needs.

In 2022, fintech startups in Africa raised over $2B USD in venture funding, maintaining Africa’s fintech industry as the top recipient of venture funding on the continent in recent years (according to Briter Bridges).