Visa has
announced the launch of the new Visa Africa Fintech Accelerator program 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 F. Kelly Jr. at Bloomberg New
Economy Gateway Africa in Marrakech, Morocco.
The
Visa Africa Fintech Accelerator will enable up to 40 start-ups each year to
accelerate and grow through a three-month intensive learning program focused on
business growth and mentoring. Following the program
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.
The
launch of the Africa Fintech Accelerator program 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 program 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 program.
“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. “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
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.
“Africa’s fintech community is at
the forefront of payments innovation and connecting more of the unbanked with
access to the digital economy,” said 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. 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.”
In
addition to its $1 billion pledge to Africa, Visa has
recently introduced several business initiatives and programs to further
advance the payments ecosystem in Africa.