The new Visa initiative will support up to 40 Africa’s fintech start-ups and entrepreneurs each year, with training, connections, technology, and investment opportunities
Visa today announced the launch of its new Visa Africa Fintech Accelerator program. The project aims to empower Africa’s growing startup community with expertise, connections, technology, and investment funding.
The Accelerator will enable up to 40 start-ups each year to accelerate and expand their services through a three-month intensive learning program focused on business growth and mentoring.
Those who have successfully completed the program get a chance to receive further financial support from Visa. The leading payment service provider intends to help select participants fuel their fintech growth with capital investment as well as access to Visa technology and capabilities.
The initiative is part of Visa’s recent pledge to invest $1 billion in Africa’s digital transformation and drive inclusive business growth in the region.
Fintech startups based in Africa can apply for the program starting from July 2023. The application process will be divided into two phases. In addition, finalists of the Visa Everywhere Initiative (VEI) 2023 from African countries will be invited to join the accelerator program this year.
“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,” said Alfred F. Kelly Jr., Executive Chairman, Visa, Inc.
Therefore, Visa’s support for local fintechs has the potential to further strengthen the African payment ecosystem. The program can fast-track innovations, advance digitization and help solve challenges that are unique to the financial services industry on the African continent (e.g. low financial inclusion in remote rural settlements).
“Africa’s fintech community is at the forefront of payments innovation and connecting more of the unbanked with access to the digital economy,” added Otto Williams, Head of Partnerships, Products and Solutions, Central Europe, Middle East and Africa, Visa. “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.”