Two Ethiopian Startups Reimagining Traditional Institutions Make the Cut in Timbuktoo’s Fintech Accelerator

eQub, a fintech startup aiming to digitize equb (peer-to-peer saving groups), and HuluCares, a startup focused on providing community-based Idir insurance, have been selected for the inaugural Timbuktoo Fintech Startup Accelerator Program.

These two startups were chosen from among 817 applicants across Africa. A total of 42 startups from 31 countries were selected to participate in the program in Lagos, Nigeria.

“We plan on leveraging this opportunity by engaging with African stakeholders, investors, fellow startups, and partners to scale our company to the next level,” Alexander Hizkias, co-founder and CEO of eQub, told Shega.

Inspired by the city of Timbuktu in Mali, the Timbuktoo Initiative was launched in January 2024 as an ambitious plan to mobilize and invest one billion dollars to nurture entrepreneurial ventures across Africa. The Timbuktoo Fintech Hub in Lagos, Nigeria, serves as the first of 10 planned technology centers across the continent, with future hubs slated for Kigali, Cairo, Cape Town, Accra, Casablanca, Dakar, and Nairobi.

In April, it was announced that Addis Ababa is inching closer to becoming the ninth hub of this ambitious pan-African initiative.

The selected startups will participate in a four-week immersive bootcamp, receiving product refinement and scaling support. This intensive program includes pitching sessions with Africa’s leading investors, masterclasses with fintech experts, and fireside chats with industry executives. The bootcamp will be conducted in a hybrid format, offering continuous virtual support alongside a two-week physical residency in Lagos, Nigeria.

Following the bootcamp, the most promising startups will receive tailored, long-term support for five months (August – December 2024). This curated program will provide coaching, product refinement assistance, and support for scaling their businesses. Additionally, the program will facilitate partnerships that can accelerate product iterations, improve market access, and assist with capital-raising efforts.

Twenty-five out of the 42 startups selected for incubation and acceleration will also be eligible for equity-free funding of up to $25,000.

It is also worth recalling that eQub and HuluCares were among the four winners of the first cohort of the Bimalab Ethiopia Insurtech Accelerator, securing $10,000 each.