Visa has recently announced the selection of African startups that will participate in the second installment of its comprehensive Fintech Accelerator program across the continent. The program is designed as an intensive 12-week journey that provides seed and Series A startups with tailored training sessions and individualized mentorship opportunities.
Startups that are part of the program will benefit from exclusive access to Visa’s resources, professional development opportunities, and the potential to secure funding. This year’s cohort is marked by its expanded geographic diversity, with startups hailing from 28 different African countries, a notable increase from the 18 countries represented in the program’s first year.
A particularly encouraging trend in this year’s selection is the increase in female-led startups. The proportion of companies led by women has risen from 43% in the first cohort to an impressive 65% in the current one.
The startups chosen for the program are addressing a broad spectrum of challenges and opportunities within the African fintech sector. Their innovative solutions cover areas such as neo-banking, merchant payment systems, credit assessment, risk and identity management, integrated finance, social commerce, and escrow services, among others.
Aida Diarra, Visa’s Vice President and Head of Sub-Saharan Africa, emphasized Visa’s dedication to nurturing innovation and enhancing financial inclusivity and accessibility throughout the financial ecosystem.
The Visa Fintech Accelerator program, which was initiated in June 2023, is part of Visa’s broader commitment to advancing Africa’s digital economy. This commitment is underscored by Visa’s ambitious investment plan, which includes injecting $1 billion by 2027 to transform the continent’s payment infrastructure.
The program will conclude with a virtual Demo Day event, where the participating startups will have the opportunity to present their innovative solutions to influential figures in the fintech space, including potential investors, angel investors, and venture capitalists.
Below are the selected startups:
- CheckUps Medical Hub (Kenya): Specializing in embedded finance within the healthcare sector.
- AzamPay (Tanzania): A B2B marketplace facilitating smoother transactions for businesses.
- Beem (Tanzania): Engaged in social commerce, Beem is enhancing how businesses interact with their consumers through social media platforms.
- Aku (Nigeria): A neo-banking platform providing innovative banking solutions.
- Cleva (Nigeria): Focuses on efficient money movement solutions to enhance financial transactions.
- Curacel (Nigeria): An insurance management startup that leverages technology to streamline claims and reduce fraud.
- E-doc Online (Nigeria): Specializing in open banking, they facilitate secure sharing of financial information.
- Raenest (Nigeria): Enhances money movement capabilities with their financial technology solutions.
- Bridgecard (Nigeria): Provides infrastructure to enable various financial services.
- Truzo (South Africa): Offers escrow services to secure transactions and enhance trust between parties.
- Bizao (Ivory Coast): A merchant payments solution aimed at simplifying the payment processes for businesses.
- Hub2 (Ivory Coast): Focuses on providing essential infrastructure to enable various fintech services.
- Chapa (Ethiopia): Provides merchant solutions to enhance business transactions.
- Vaultpay (Democratic Republic of Congo): Focuses on merchant payments to aid businesses in financial transactions.
- Iwomi Technologies (Cameroon): Specializes in money movement to facilitate better transaction processes.
- Proboutik (Cameroon): Another merchant payments solution aimed at improving business transactions.
