Twenty of the most promising digital startups in sub-Saharan Africa have been selected to be part of the XL Africa support initiative, developed and powered by the World Bank Group. The program addresses the current problems of African digital startups, like the lack of access to mentoring, marketing and funding.
XL Africa has been launched to support the growth of Africa’s digital economy. The initiative is providing a number of benefits to startup entrepreneurs in Africa. For example, they will have the opportunity to be mentored by various global specialists. XL Africa will also increase their visibility on the continent. Furthermore, the participants will receive access to corporate partners and investors that are willing to put $250,000 to $1.5 million in the businesses. The program is supported by African investment firms, as well as by the governments of Finland, Sweden and Norway.
AFK Insider mentions five of the twenty startups that participate in the program:
- CoinAfrique, the first mobile peer to peer mobile marketplace for french speaking Africa
- Paycentre, a Nigerian fintech startup that allows any grocery store or pharmacy can be converted into a location that offers financial access and services via mpos technology
- Jamii provides a micro-health insurance product for the informal sector
- Snapplify, an award-winning South African media and technology startup specializing in the retail and distribution of digital content.
- Timbuktu, an interactive tourism platform that gives travellers the ability to design and customize their own trip to Africa
Further reading on AFK Insider