Visa, the San Francisco-based technology company, has officially announced the launch of its Visa Africa Fintech Accelerator program, aimed at supporting and empowering the thriving start-up community in Africa. The initiative follows Visa’s recent commitment to invest $1 billion in Africa to catalyse the continent’s digital transformation. Through this program, Visa plans to provide expertise, connections, technology, and investment funding to fintech startups in Africa.
The Visa Africa Fintech Accelerator program, introduced by Visa Executive Chairman Alfred F. Kelly Jr. at the Bloomberg New Economy Gateway Africa event in Marrakech, Morocco, aims to support up to 40 startups annually. These selected startups will undergo an intensive three-month learning program focused on business growth and mentorship.
Upon completion of the program, Visa will continue to support the growth of these fintech startups by providing capital investment to select participants. Additionally, the program will facilitate the commercial launch of these startups by granting access to Visa’s technology and capabilities.
Fintech startups from across Africa can apply to be part of the program during two application phases each year, starting from July 2023. The program will extend invitations to finalists from African country editions of the Visa Everywhere Initiative (VEI) competition held this year, with over 1,000 African fintech startups participating in the VEI competition in 2022.
Alfred F. Kelly Jr., Executive Chairman of Visa, Inc., acknowledged Africa’s dynamic fintech ecosystem, which combines exceptional entrepreneurial talent with a rapidly growing, digital-first population. He emphasised Visa’s longstanding commitment to Africa, as the company has been increasing investments and strengthening partnerships on the continent for decades. The new Fintech Accelerator program aims to foster the growth of Africa’s best fintech startups and support their expansion at scale.
By supporting participating fintechs, Visa aims to enhance the payment ecosystem by accelerating the development of innovative solutions tailored to the unique challenges of the African continent. These advancements will contribute to further digitisation across Africa and promote financial inclusion, aligning with Visa’s corporate purpose of being the best way to pay and be paid.
Otto Williams, Head of Partnerships, Products and Solutions for Central Europe, Middle East, and Africa at Visa, highlighted the leading role of Africa’s fintech community in driving payments innovation and expanding access to the digital economy. Through the Visa Africa Fintech Accelerator, Visa aims to collaborate with brilliant entrepreneurs and companies to shape the future of money.
In addition to the Fintech Accelerator program, Visa has outlined several other business initiatives and programs to further advance the payments ecosystem in Africa. These include establishing local operations in the Democratic Republic of Congo, Ethiopia, and Sudan, as well as unveiling the first dedicated Visa Sub-Saharan Africa Innovation Studio in Nairobi, Kenya. The company is also introducing and expanding technologies that facilitate digital payments, such as Tap to Phone, which transforms mobile phones into point-of-sale terminals. Visa aims to lower remittance costs through innovative solutions like Visa Direct.
Furthermore, Visa is solidifying its position as a preferred fintech partner, collaborating with innovators and entrepreneurs through programs like the Visa Everywhere Initiative. The company has dedicated country programs in South Africa, Kenya, and Egypt to nurture local talent. Additionally, Visa has launched initiatives to empower women entrepreneurs leading small and medium-sized businesses in Egypt, Kenya, Morocco, and South Africa, including the She’s Next program, which provides funding, mentoring, and networking opportunities.
Visa is also committed to promoting financial literacy in multiple languages, including the introduction of the first Arabic version of Practical Money Skills in Egypt, in collaboration with partners.
Visa has been making significant strides in recent years to expand its presence and impact on the African continent. The company has successfully established 10 offices across Africa, enabling it to facilitate payments in all 54 countries on the continent. This widespread network allows Visa to provide comprehensive support and financial services to individuals and businesses throughout Africa.
