Visa Launches New Initiative To Boost Startups In Africa

Visa has launched a new Visa Africa Fintech Accelerator programme to help enable Africa’s expanding start-up community through expertise, connections, technology, and investment funding.

The initiative was introduced by Visa executive chairman, Alfred Kelly Jr. at Bloomberg New Economy Gateway Africa in Marrakech, Morocco.

Kelly revealed that the Visa Africa Fintech Accelerator will enable up to 40 start-ups each year to accelerate and grow through a three-month intensive learning programme focused on business growth and mentoring.

Following the programme completion, Visa intends to further support fintech growth with capital investment in select participating businesses, while accelerating their commercial launch through access to Visa technology and capabilities, he further explained.

The launch of the Africa Fintech Accelerator programme follows Visa’s recent pledge to invest $1 billion in Africa’s digital transformation and its long-term commitment to advancing Africa’s economies and driving inclusive growth.

Fintech startups throughout Africa can apply to be part of the programme through two application phases each year, starting from July 2023. With more than 1,000 Africa Fintech start-ups taking part in the Visa Everywhere Initiative (VEI) competition in 2022, finalists from Africa country editions this year will be invited to join the accelerator programme.

“Africa has one of the most exciting and admired fintech ecosystems in the world, bringing outstanding entrepreneurial talent to a young digital-first population that is growing fast.

“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. Our new Fintech Accelerator will bring expertise, connections, and investment to Africa’s best fintech start-ups so they can grow at scale,” the executive director revealed.

The support for participating fintechs will help further strengthen the payment ecosystem by fast-tracking new innovations and technologies that provide solutions to challenges that are unique to the African continent, and which can further advance Africa’s digitization. In line with Visa’s corporate purpose to uplift everyone, everywhere by being the best way to pay and be paid, this support of Africa’s fintechs will facilitate additional opportunities to expand financial inclusion.

In the same vein, head of partnerships, Products and Solutions, Central Europe, Middle East and Africa, Visa, Otto Williams, said: “Africa’s fintech community is at the forefront of payments innovation and connecting more of the unbanked with access to the digital economy. Visa has been working with this innovative community to create new programme and solutions to help fintechs scale, while giving access to Visa’s technology and partner ecosystem.

“Through the new Visa Africa Fintech Accelerator, we are looking forward to working with more brilliant entrepreneurs and companies to shape the future of money.”