Under the new initiative, dubbed Visa Africa Fintech Accelerator programme, Visa will provide training, connections, technology, and investment opportunities for up to 40 fintechs start-ups and entrepreneurs in Africa
Visa launches Africa Fintech Accelerator programme. (Credit: CardMapr.nl on Unsplash)
Visa has introduced a new initiative to provide the fintech start-ups and entrepreneurs in Africa, with training, connections, technology, and investment opportunities.
The new initiative, dubbed the Visa Africa Fintech Accelerator programme, was launched at Bloomberg New Economy Gateway Africa in Marrakech, Morocco.
It enables up to 40 start-ups each year, to benefit from the company’s three-month intensive learning programme, focused on business growth and mentoring.
Upon completion of the programme, Visa will further support the fintechs with capital investment in select businesses, and access to Visa technology and capabilities.
Visa executive chairman Alfred F Kelly Jr. said: “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 launch of the Visa Africa Fintech Accelerator programme follows the company’s recent decision to invest $1bn for digital transformation and drive inclusive growth in Africa.
The company welcomed fintech startups throughout Africa to apply for participation in this programme, starting from July 2023.
In addition to the $1bn investment in Africa, Visa has launched several business initiatives and programmes to further advance the payments ecosystem in Africa.
Visa has established local operations in the Democratic Republic of Congo, Ethiopia and Sudan to help support and strengthen the local financial ecosystem.
The company opened its first dedicated Visa Sub-Saharan Africa Innovation Studio in Nairobi, Kenya, to help its clients and partners co-create payment and commerce solutions.
It has introduced new technologies to help African consumers and merchants make and receive digital payments, and reduce remittance costs through solutions like Visa Direct.
The company worked with entrepreneurs, through the Visa Everywhere Initiative programme, with dedicated country programs in South Africa, Kenya, and Egypt.
Furthermore, the US payments company has launched programmes to support women’s empowerment, together with partners in Egypt, Kenya, Morocco, and South Africa.
Visa Central Europe, Middle East and Africa partnerships, products and solutions head 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 programs 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.”