EDI and UNCDF Launch FinWise Acceleration Bootcamp to Strengthen Ethiopia’s Fintech Ecosystem

ADDIS ABABA – The Entrepreneurship Development Institute (EDI), in partnership with the United Nations Capital Development Fund (UNCDF), has officially launched the FinWise Acceleration Bootcamp at Addis Ababa.

The initiative, supported by a significant joint investment, aims to empower high-potential fintech startups to expand inclusive financial services and bridge the digital divide across Ethiopia’s underserved communities.

Speaking at the launch, H.E. Solomon Soka, State Minister at the Ministry of Labour and Skills, emphasized the strategic importance of the program, stating: “We gather not simply to launch a bootcamp, but to ignite a catalyst for Ethiopia’s digital and economic sovereignty. The FinWise Acceleration Bootcamp is a testament to what is possible when strategic vision meets collaborative action.” He further highlighted the initiative as a cornerstone of the Homegrown Economic Reform Agenda (HGER 2.0), noting that financial inclusion remains essential to Ethiopia’s transition toward a private-sector-led economy and a driver for innovation, job creation, and growth in the ICT sector.

The program is designed as a 12-month pilot to support early-stage fintech startups in transitioning from minimum viable products (MVPs) to market-ready solutions. A total seed fund of 20 million ETB has been allocated, with the top eight startups receiving seed fund to pilot their innovations in real market conditions.

The bootcamp phase, which marks the beginning of the acceleration journey, brings together selected founders for intensive training, mentorship, and business development support, with a strong emphasis on building scalable and investor-ready ventures.

In total, over 300 applications were received from innovators nationwide, from which 33 high-potential startups were selected to participate in two cohorts. The program reflects a strong commitment to inclusivity and regional representation, with 11 startups originating from outside Addis Ababa and 6 led by female founders. Participants will undergo a rigorous 16-week program covering business modeling, regulatory compliance, and market refinement, complemented by one-on-one mentorship from both local and international fintech experts.

The initiative also aligns closely with Ethiopia’s Digital Ethiopia 2030 Strategy, focusing on expanding digital financial services through Cash-In/Cash-Out (CICO) networks, merchant payments, and ecosystem integration. It targets key national priority sectors, including agriculture, tourism, and manufacturing, ensuring that financial innovation contributes directly to economic transformation and improved livelihoods.

Speaking on behalf of UNCDF, Mike McCaffrey, Global MSME Finance Lead and Regional FinWise Programme Manager, underscored the urgency of addressing financial access gaps. He noted that despite Ethiopia’s rapid economic growth, millions remain excluded from essential financial services such as savings and credit. He called on regulators, financial institutions, and ecosystem partners to support fintech innovators in demonstrating that inclusive finance can be both impactful and commercially viable.

Beyond funding and training, the program will facilitate strategic partnerships with Digital Financial Service (DFS) providers, investment matchmaking opportunities, and market linkages to ensure long-term sustainability. The Ministry of Labour and Skills, alongside EDI and UNCDF, reaffirmed its commitment to fostering an enabling policy environment and strengthening collaboration among key stakeholders to help startups scale their solutions.

The FinWise Ethiopia project ultimately aims to empower entrepreneurs to deliver inclusive, sustainable, and technology-driven financial services, ensuring that all Ethiopians from urban entrepreneurs to rural smallholders can actively participate in and benefit from the country’s evolving digital economy.