Adeniyi Abiodun, co-founder of Mysten Labs, along with his wife Gloria, has initiated a $1.3 million endowment fund designed to train African software engineers. The fund aims to address the region’s critical shortage of tech talent. Over the next five years, it will provide student loans to participants of Semicolon Africa’s Techpreneurship programme, a training course for future software engineers.
Administered by the Inurere Foundation, the fund will facilitate student loans with aid from Meedl Africa, a fintech company. Loans are set at approximately ₦5 million ($3,300) with an annual interest of 12%. The repayment process will create a revolving fund to support future students, thus ensuring the program’s sustainability. Semicolon Africa, which has already trained over 800 engineers, will also assist in job placements post-training.
This initiative emerges as a strategic response to the growing demand for blockchain engineers in Africa, which is crucial for maintaining the momentum in the region’s startup ecosystem. This initiative stands to play a vital role as Africa’s digital economy is poised for significant growth, projected to hit $712 billion by 2050.
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