BFA Global, FSD Africa Create Fintech Venture Launcher for Climate Resilience in Africa
Bankable Frontier Associates (BFA) Global and Financial Sector Deepening Africa (FSD Africa) on Friday announced the creation of a first-of-its kind venture launcher for climate resilience in Africa.
Known as, TECA (Triggering Exponential Climate Action), the launcher will create fintech startups with solutions that enable climate resilience in the most vulnerable communities around the world, with an initial focus on Africa.
FSD Africa will invest 3.3 million USD in the programme over the next 4 years, according to a statement.
TECA will support pioneering entrepreneurs from idea stage to launch, expanding the pipeline of investable opportunities in the fintech for climate resilience space, the statement added.
Accordingly, FSD Africa’s support will also accelerate the ecosystem around the ventures by engaging with multiple stakeholders to unlock capital, attract talent and create proof points to spur more innovation for climate resilience.
Juliet Munro, Director, Digital Economy at FSD Africa said: “At FSD Africa, we believe that a strong, fair and accessible financial system is crucial to a sustainable future for Africa’s people and its environment.
“In particular we believe that finance can play a major role in tackling climate-vulnerability and that by harnessing the power of fintech innovation we can help address market barriers to building out much needed climate resilience solutions,” Munro added.
According to the IPCC Sixth Assessment Report released earlier this year, up to 3.6 billion people live in contexts that are highly vulnerable to climate change, with some of the largest impacts observed in areas and communities across Africa.
David del Ser, Chairman and Chief Innovation Officer at BFA Global, said: “TECA will help to create pipeline at the nexus of fintech and climate resilience by backing entrepreneurs with bold ideas that build the resilience of vulnerable communities and natural ecosystems.”
“We are looking for top talent that can push the boundaries in solving these large systemic challenges. By helping to launch new ventures responding to these emerging issues, our vision is to help create an ecosystem abundant with innovative solutions fortifying the climate resilience of vulnerable populations and the planet,” he further noted.
TECA’s mission is to launch 100 ventures by 2026, including at least 60 in Africa.
Source: Ethiopia News Agency