The success of Microsoft and Flapmax’s FAST Accelerator program, which has enabled over 2,000 businesses around Africa and greatly accelerated the growth of Nigerian startups, has been announced. The tech giant claims that the program, which aims to promote local innovation, has assisted businesses in gaining access to cutting-edge technologies, skilled AI professionals, and business development assistance.
According to a statement from Flapmax, the program has given companies in important industries like financial, logistics, and energy vital tools and resources that have helped them grow quickly and expand their market reach.
The collaboration has helped Nigerian fintech companies like WallX and CoTrust Equity, which use AI-powered solutions to increase small and medium-sized businesses’ access to financing and expedite international transactions.
“We are helping startups drive innovation in their industries through the FAST Accelerator, helping them solve local challenges while positioning them for global success,” Flapmax stated.
SMEs may monitor transactions and create credit records with WallX’s AI-driven platform, and CoTrust Equity provides a safe, scalable financing option for SMEs supported by Microsoft Azure technology. Apart from fintech, the initiative has significantly transformed Nigeria’s logistics sector. According to Flapmax, a business funded by the program called Trucki Technology is revolutionising haulage operations using telematics and AI-powered route planning.
In addition, Flapmax stated that WallX, a Nigerian fintech company, has developed an AI-powered platform through the FAST Accelerator that allows small and medium enterprises to manage international transactions, simplify local dealings, and establish credit records, addressing the prevalent issue of limited credit access for small businesses in Africa. Flapmax and Microsoft’s collaboration aims to empower startups as well as create long-term benefits for Africa’s digital economy. Startups that complete the FAST Accelerator program are eligible to join Microsoft’s Independent Software Vendor Success Programme, gaining access to Microsoft’s customer base and marketplace.
Flapmax also mentioned that CoTrust Equity, another program beneficiary, provides a platform with AI-based fraud detection and powerful APIs through the usage of Microsoft Azure and Intel architecture.
Currently, 10,000 SMEs are assisted by CoTrust Equity’s services, and this year, the company intends to increase the range of services it provides.
Furthermore, according to Flapmax, Aibanc is working with the FAST Accelerator to develop Africa’s first subscription-based banking system. AI technology is used by Aibanc to provide individualised financial services, such as loans and benefits for health management.
According to the company, Aibanc’s interface with Microsoft’s Azure enables it to provide highly customised services that go beyond conventional banking options.
