Global payments giant Visa has launched Africa fintech accelerator programme to support the continent’s growing startup community through expertise, connections, technology and investment funding.
The Visa Africa Fintech Accelerator will enable up to 40 startups each year to accelerate and grow through a three-month intensive learning program focused on business growth and mentoring.
Following the completion of the programme, Visa intends to further support fintech growth with capital investment in select participating businesses while accelerating their commercial launch through access to the payments company’s technology and capabilities.
The launch of the Africa Fintech Accelerator programme follows Visa’s recent pledge to invest $1 billion in Africa’s digital transformation. The payments company is committed to advancing the continent’s economies and driving inclusive growth.
“Visa has been increasing our investments in Africa for decades and strengthening partnerships throughout the continent to support the next wave of innovation and growth,” Alfred F Kelly Jr., Executive Chairman of Visa said, adding that the fintech accelerator programme will bring expertise, connections and investment to Africa’s best fintech ecosystem.
The support for participating fintechs will help further strengthen the payment ecosystem by fast-tracking innovations and technologies that provide solutions to challenges that are unique to Africa and which can further advance digitisation across the continent.
The support to Africa’s fintech ecosystem is expected to facilitate additional opportunities to expand financial inclusion.
Visa said fintech startups throughout Africa can apply to be part of the accelerator programme through two application phases each year, starting from July 2023.
Over the years, Visa has unveiled several business initiatives and programs to further advance the payments ecosystem in Africa including collaborating with innovators and entrepreneurs through the Visa Everywhere Initiative program, with dedicated country programmes in South Africa, Kenya and Egypt.
Visa also launched programmes to support women’s empowerment such as She’s Next, which is bringing funding, mentoring and networking opportunities to female entrepreneurs leading growing small businesses in Egypt, Kenya, Morocco and South Africa.
The company is also collaborating with partners to advance financial literacy in several languages, including the first Arabic version of Practical Money Skills in Egypt.
