By OpeOluwa Okudero 
A new $1.3 million endowment fund has been launched to support the development of Africa’s software engineering talent. The fund, established by Adeniyi Abiodun, co-founder of Mysten Labs, and his wife, Gloria Abiodun, is managed by Inurere Foundation and is designed to provide student loans for aspiring software engineers across the continent.
The fund will offer loans of approximately ₦5 million (about $3,300) to students enrolled in Semicolon Africa’s Techpreneurship programme. This initiative focuses on advanced programming training, including instruction in Move—a programming language used for blockchain smart contract development. Meedl Africa, a fintech company, will facilitate both the disbursement and repayment of these loans.
Fund Structure and Operation
The endowment operates on a revolving loan model over a five-year cycle. Loans are extended at a 12% annual interest rate, with repayments recycled to finance new students. This structure is intended to keep the programme sustainable, reducing reliance on traditional high-interest lending environments where rates can exceed 27%.
Semicolon Africa, which has already trained over 800 software engineers and provides job placement support for its graduates, is at the heart of this initiative. By channeling affordable student loans into tech education, the fund aims to bridge the financing gap that has long hindered Africa’s growing digital economy.
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