Microsoft has restated its commitment to deepening Nigeria and Africa’s startup ecosystem to improve economic prosperity.

The company said with Flapmax, it will continue to promote local innovation, to achieve significant success in enabling startups in-country and throughout Africa to realise their full innovation potential.

Microsoft said: “Nigeria, a hub of innovation, has the potential to lead the way in creating solutions for the continent and beyond. Home to several fintech disruptors, Nigeria has quickly become the most attractive African nation for startup investment. As of 2022, the country had the highest number of startups in Africa, securing over $2 billion in funding between 2015 and 2022 alone. And with small businesses already accounting for nearly 50 per cent of the nation’s gross domestic product (GDP), there is a strong pipeline of entrepreneurs to keep on fueling Nigeria’s robust innovation culture,”

It added that providing these enterprises with the technology they need to activate their ideas and scale their operations can help small businesses with big ideas become world-class problem solvers like so many of their local counterparts.

Microsoft reaffirmed its commitment to fast-tracking digital transformation in Nigeria, supporting startups to realise their potential by enabling technology for the long-term benefit of the country’s digital economy.

Together, Flapmax and Microsoft ideated the FAST Accelerator programme, helping startups scale rapidly and access new growth opportunities by bringing together cutting-edge technologies, holistic skills development and AI expertise, as well as business development strategies.

Accelerators such as these with vast resources at their disposal are helping businesses to extend their reach and positive impact, with around 2,000 startups impacted to date.

According to Microsoft, participants who complete Flapmax’s programme can enrol in the ISV Success Programme to become partners with Microsoft, accessing its customer base and listing their solutions on the Azure Marketplace.

It noted that recent breakthroughs in AI have enabled local fintechs participating in FAST Accelerator to advance financial inclusion. Arguably one of the biggest challenges for small businesses in Africa is a lack of access to credit. WallX, a Nigerian fintech, offers an all-encompassing AI-powered solution permitting small and medium enterprises (SMEs) to manage international transactions, simplify local dealings, and establish credit records on the WallX platform.