New $1.3M Fund to Help Train African Software Engineers
TLDR
- Co-founder of blockchain infrastructure firm Mysten Labs launched a $1.3 million endowment fund to address Africa’s software engineering talent gap
- The five-year fund, managed by Inurere Foundation, will provide student loans for aspiring software engineers
- The fund will offer ₦5 million ($3,300) loans at a 12% annual interest rate. Loan repayments will be recycled to support new students
Adeniyi Abiodun, co-founder of blockchain infrastructure firm Mysten Labs, and his wife, Gloria Abiodun, have launched a $1.3 million endowment fund to address Africa’s software engineering talent gap. The five-year fund, managed by Inurere Foundation, will provide student loans for aspiring software engineers enrolled in Semicolon Africa’s Techpreneurship program.
The fund will offer ₦5 million ($3,300) loans at a 12% annual interest rate. Loan repayments will be recycled to support new students, ensuring long-term sustainability. Meedl Africa, a fintech firm, will facilitate the loans, while Semicolon Africa, which has trained over 800 engineers, will help place graduates into jobs.
The initiative aims to build Africa’s blockchain talent base. Abiodun, a former engineer at JP Morgan, HSBC, Oracle, and Meta’s Novi project, sees the fund as a way to develop Nigerian software engineers in blockchain and AI.
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Key Takeaways
Africa’s tech ecosystem is growing rapidly, but a shortage of skilled software engineers remains a challenge. With the digital economy projected to reach $712 billion by 2050, initiatives like the Abioduns’ fund provide a sustainable model for talent development. By blending endowment funds with commercial financing, this approach could make tech education more accessible, attracting further investments in workforce development. If more private individuals and companies adopt similar models, Africa could strengthen its position as a major player in global tech innovation.
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