Sasware Nigeria, the technology investment subsidiary of Signal Alliance, says it has launched Start-up in Residence (STAIR), a programme hoped to drive innovation and momentum for disruptive technologies in Nigeria.
STAIR is focusing on aspiring entrepreneurs and newly found start-ups and will be an intensive 12-months resident programme under which the company expects to nurture entrepreneurs “working on the next big idea on a focus sector that is of interest to Sasware.”
The STAIR programme, which starts in 2016 will run annually and create technology start-ups in specific areas of the economy, says Sasware. The technology company will team up with the entrepreneur to “define, develop and iterate a product to take to market.”
According to the tech company, “as co-entrepreneur, Sasware would provide the business support skills needed to make a business succeed and would support the entrepreneurs at every phase of their company’s growth by being actively involved and providing multi-sector expertise and funding.’’
Under the plan, the 2016 STAIR programme will focus on building Financial Technology (Fintech) companies that address the challenges Nigeria and African economies still have with their financial systems.
“Despite better access to technology with hundreds of millions accessing mobile technology, African people still struggle with access to financial services. From banking to insurance, mortgage and pension, technology is needed in these areas to disrupt the traditional financial services that have failed millions. The sector still requires more innovation to harness the impact of technology in the way Africans access financial services”, Ifeoma Uddoh, Sasware COO adds.
Sasware says the focus on Fintech for STAIR 2016 is strategic as financial inclusion for the almost one billion Africans and Nigeria, which houses Africa’s largest population of 170miilion people, is a major issue limiting the development of the continent