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AMMAN — Changelabs, a regional leader in the social entrepreneurship space, is launching a fintech accelerator programme in Jordan and Palestine, supporting local fintech and social entrepreneurs.
Following the launch of the first Fintech for a Future cohort in Jordan, the programme, in partnership with SANAD Entrepreneurship Academy, the German Agency for International Cooperation (GIZ), and Amazon Web Services (AWS), will be expanded this year to also include startups operating in Palestine or founded by the Palestinian diaspora, according to a statement from Changelabs.
The accelerator is designed to support startups tackling financial inclusion and literacy, accessible banking solutions, micro-loans, mobile payments, and ticketing platforms, among other innovative solutions serving the largely unbanked local population.
The programme will offer “unparalleled access” to the resources the startups need to pilot, launch, acquire customers, build partnerships, and raise seed stage funding, the statement said.
“We believe entrepreneurship can change the world. For the second cohort in Jordan and Palestine, we’ve partnered with the European Union (SANAD), GIZ, and Amazon Web Services (AWS), to accelerate top fintech and impact startups, connect them with world-class mentors and experts, and jumpstart their entrepreneurial journey,” shared Karim Samra, the co-founder of Changelabs.
Even though Jordan and Palestine’s populations are largely digitally connected, with 85%+ smartphone penetration, and 3.25 million Internet users, still their populations remain significantly underbanked, the statement said.
With a growing young population, economic growth and financial inclusion are high on the priority list of both countries.
Accordingly, Changelabs’ fintech accelerator will identify, recruit, train and fund the best startups in the ecosystem that will leverage this opportunity and address this market gap, the statement said.
“Through the ‘Fintech for a Future’ programme we aim to support creative ideas from Palestinian innovators working on solutions to solve some of the financial challenges consumers and MSMEs currently face here,” said Anja Gomm, country director of GIZ in the Palestinian Territories.
The training modules will be held online by industry experts and coaches, covering relevant topics such as team dynamics, value proposition, customer acquisition, commercialisation, market positioning and milestone planning.
Participating startups will receive $25k of AWS credits, tech support as well as design services and more. Upon completing the programme, startups will have the opportunity to pitch to investors during Demo Day and will be connected with the ecosystem’s vast network of local and international investors, industry experts, and partners.
“Through this accelerator, fintech and social entrepreneurs in Jordan and Palestinian Territories will have the opportunity to further develop their businesses while creating positive social change in the process,” said Kim Reichel, chairperson of the SANAD Technical Assistance Facility which runs the Entrepreneurship Academy.