Adeniyi Abiodun, Mysten Labs co-founder, and his wife, Gloria, are funding Africa’s next generation of software engineers.

They’ve set up a $1.3 million endowment fund to help tackle the shortage of skilled tech talent in the region, a problem that could slow down Africa’s booming startup scene.

Over the next five years, the fund will be managed by Inurere Foundation and will provide student loans to aspiring software engineers enrolled in Semicolon Africa’s Techpreneurship programme. Semicolon, a Nigerian workforce development company, has already trained over 800 engineers and aims to equip more students with in-demand programming skills, including Move, a language used for smart contract development. Meedl Africa, a fintech company, will handle loan disbursement.

Students can borrow around ₦5 million ($3,300) at a 12% annual interest rate. These repayments will be reinvested into the fund, ensuring a continuous cycle of support for future students. Ashley Immanuel, COO of Semicolon, explained the impact of this structure: “Funds are recycled, meaning many more learners can be trained over time. This fund, which isn’t seeking a financial return, can attract other funding sources to offer affordable interest rates. Nigerian financial providers are interested in student loans, but with MPR at 27.5%, their rates are too high. Blending that ‘expensive’ capital with endowment funds can make loans more affordable.”

Africa’s tech industry is growing fast, but a lack of trained blockchain engineers threatens to slow things down. For Abiodun, this initiative isn’t just about business—it’s personal. Before launching Mysten Labs, he worked as an engineer at JP Morgan, HSBC, Oracle, and Meta’s Novi, the now-defunct digital wallet project that supported the Libra stablecoin.

“Supporting Nigerian students while inviting more builders to learn the programming language that has defined my career is immensely rewarding,” Abiodun said. “With the rise of AI and blockchain, we are committed to ensuring African students are high-level contributors to the global tech workforce.”

The need for skilled tech professionals is only going to grow. Africa’s digital economy is projected to reach $712 billion by 2050, and the demand for software engineers will continue to rise. Sam Immanuel, CEO of Semicolon Africa, believes this fund could inspire similar efforts to bridge the education financing gap.

“We hope that more individuals—and companies—will follow in the Abioduns’ footsteps and invest in funds, like this endowment, that will engender sustainable talent development across the continent,” he said.