Visa, a world leader in digital
payments, has announced that its Africa Fintech Accelerator program is now
accepting applications for its second cohort. The announcement was made at
Fintech Day where several members of the fintech community in Morocco came
together to discuss the opportunities to improve the digital payments and
financial inclusion landscape in the country. Seed to Series A startups
operating in Africa and that fall under specific categories are encouraged to
apply on the Visa website, with applications open until February 29th
2023.
Visa also announced they are hosting
the program’s first demo day on February 13th in Nairobi. During the event, the
first-cohort startups will pitch their innovations to key ecosystem players,
funding partners, angel investors, and venture capitalists.
The first cohort featured startups
operating in more than 18 African countries – including three from Morocco, one
from Egypt and one from Tunisia, with participants shortlisted from over 1,000
applicants across diverse subsectors including merchant payment solutions,
lending infrastructure, Banking-as-a-Service, and B2B marketplaces. Forty-eight
percent had a woman founder or a woman in their leadership team.
Seed to Series A startups operating
in Africa which fall under the following categories are invited to apply for
the second cohort.
- Unlocking money movement: Digitizing various
payment types (P2P, B2C, B2B, G2C) to create new commerce opportunities,
including cross-border remittances and funds disbursements, open banking
and account-to-account solutions, mobile money flows, and
interoperability.
- Embedded finance: Creating advanced
intelligence to enhance payment and finance experiences in B2C and B2B
commerce models, including installments, flexible financing, consumer
loyalty, and Fintech-as-a-Service.
- Empowering merchants and SMEs: Accelerating the growth
of merchants and SMEs through digital payment solutions to foster
financial inclusion, focusing on next-generation omnichannel payments,
digital onboarding, working capital optimization, and merchant value-add
solutions.
- Payment infrastructure
enablers: Building
the base layer of payment infrastructure and key enabling services such as
authentication and fraud solutions, digital onboarding and identity
management, credit scoring and risk management solutions, and data
solutions and insights.
- The future of finance: Embracing emerging
technologies to revolutionize financial services, such as AI-powered
payments, blockchain and enterprise DLT, and programmable money.
- Sustainable and inclusive
finance: Enhancing
payments technology to contribute to an eco-friendly economy, drive
inclusiveness, reduce inequality, and create positive impact through
financial services for underserved communities or climate-vulnerable
communities and affordable and accessible financial solutions.
Ayoub Rqibi, COO and co-founder of
Paytic Connect, platform designed to assist banks, credit unions, and fintech
companies in efficiently managing their payment card programs, was among the 23
startup founders who participated in the first cohort. He commented:
"Thanks to the Visa accelerator program, we've been able to clarify our
goals and structure our approach in a more strategic manner. The program's
comprehensive guidance and mentorship have been invaluable in helping us focus
our efforts, refine our business model, and accelerate our progress. The
network and resources provided by the program have also enabled us to forge
valuable partnerships and access new opportunities."
The accelerator program, launched in
June 2023, aligns with Visa’s pledge to invest $1 billion in Africa by 2027,
aiming to revolutionize Africa's payment ecosystem and uplift the digital
economy.
Leila Serhan, Senior Vice President,
Group Country Manager for North Africa, Levant and Pakistan (NALP), Visa, said:
“Following the success of the inaugural accelerator, Visa is inviting a second
round of disruptive startups to apply to the program, in an ongoing effort to
support Africa’s growing fintech ecosystem. Fintech acc
“This unique experience will offer
entrepreneurs an opportunity for mentorship and fast-tracked growth, while also
providing them access to a wider network of invaluable partners and investors.”