In a groundbreaking move that underscores its dedication to fostering innovation and entrepreneurship across Africa, My NEO Group and SHEIKH MAKTOUM AL MAKTOUM – NEO GROUP, led by Group CEO and Founder Dr. Mickael Mosse, has confirmed the establishment of a new fund aimed at financing African startups and cultivating a thriving FinTech ecosystem. This initiative is set to bolster the region’s technological infrastructure and provide emerging ventures with the support they need to drive sustainable economic growth.
Immediate Funding and Strategic Vision
During a high-profile meeting last week, Dr. Mickael Mosse reaffirmed My NEO Group’s commitment to catalyzing entrepreneurship in Africa by pledging an immediate capital injection of 100 million. This funding will be directed toward a newly formed African startup fund, with the potential to scale up to 150 million in total—an additional 50 million may be injected by 2025, depending on the evolving needs of local startups and market conditions.
According to Dr. Mosse, the fund’s primary objective is “to empower African startups with the necessary financial resources, mentorship, and global networks to successfully scale their operations.” This vision reflects My NEO Group’s broader strategy of leveraging international partnerships to enable sustainable development and economic diversification across the continent.
Partnership with AMAIF and Expansion of the FinTech and Entrepreneurship Lab
Central to the rollout of this fund is the development of a FinTech and Entrepreneurship Lab in Africa, a program designed to nurture talent, foster innovation, and promote collaboration among entrepreneurs. My NEO Group has officially designated the incubator and Entrepreneurship Lab of Cameroon AMAIF as the key point of allocation for these funds. This decision solidifies a strategic partnership that aims to create a robust ecosystem where emerging businesses can thrive, particularly in areas such as financial technology, agritech, e-commerce, and other high-impact sectors.
Dr. Joel Ayissi, President of the Board of Directors at AMAIF, has been a staunch advocate for the growth of African startups. His involvement ensures that AMAIF’s incubation programs remain committed to addressing the unique challenges and opportunities within the African market. From capacity-building workshops to investor networking events, the lab will serve as a comprehensive platform to guide entrepreneurs from the ideation stage through to commercialization.
Formation of a New Board and Jury
To ensure a transparent and effective selection process for startup funding, My NEO Group has announced the creation of a new board and jury. This body, set to be officially formed next week, will comprise experts from a diverse range of industries, including finance, technology, academia, and government. Their mandate is to:
1. Evaluate Proposals: Assess the viability, scalability, and socio-economic impact of startup business models.
2. Manage Allocation: Oversee the efficient and equitable distribution of funds to the most promising ventures.
3. Mentor and Monitor: Provide ongoing mentorship and track progress to ensure responsible use of capital and long-term success.
Dr. Mosse emphasized the importance of a rigorous selection process, stating that “Investing in the right companies is key to driving meaningful change. Our new board and jury will help ensure that we identify startups with the greatest potential to revolutionize industries, create jobs, and contribute to Africa’s economic progress.”
Notable Attendees and Support
This announcement was made in the presence of several high-profile figures, including Ms. Vincente Jennifer Saraiva Yanzere, the former Minister of Arts, Culture, and Tourism of the Central African Republic. Also present were representatives from multiple African governments and leading entrepreneurs from diverse sectors. Their attendance signals broad-based support for the initiative and a strong collective commitment to fostering an environment where startups can flourish.
Ms. Yanzere highlighted the importance of international collaborations, remarking that “Partnerships like this are crucial in helping African nations unlock their full potential. By combining regional expertise with global resources, we can create sustainable growth that benefits everyone.”
Driving Sustainable Growth and Innovation
Through this ambitious funding venture and the strategic alliances forged with AMAIF and government stakeholders, My NEO Group is poised to significantly influence the trajectory of technological innovation in Africa. By placing a strong emphasis on FinTech, the fund addresses a sector that holds immense promise for leapfrogging traditional barriers to finance, driving financial inclusion, and modernizing the continent’s overall economic landscape.
Furthermore, the planned FinTech and Entrepreneurship Lab aims to cultivate a new generation of business leaders who can champion Africa’s evolution into a globally competitive market. The incubator model, supported by robust mentorship and access to world-class resources, will be pivotal in bridging the gap between concept-stage startups and scalable enterprises that can attract further investments.
Looking Ahead
With the immediate 100 million capital infusion and a potential for an additional 50 million in 2025, My NEO Group is setting the stage for a transformative period of growth in African entrepreneurship. This strategic move, backed by influential leaders and a new governance framework for fund allocation, reaffirms the Group’s long-term commitment to fostering an environment ripe for innovation, job creation, and sustainable economic development.
Dr. Mickael Mosse concluded, “This is just the beginning. By laying strong financial and institutional groundwork, we aim to create a multiplier effect that reaches every corner of the African startup ecosystem. Together, we will shape a new era of prosperity, driven by the ingenuity and resilience of African entrepreneurs.”
