Visa unveils the initiation of the second batch of the Africa Fintech Accelerator Program

Visa, a global leader in digital payments, has announced that its Africa Fintech Accelerator program is now open for applications for its second batch. This announcement was made during Fintech Day, which convened various members of Morocco’s fintech community to explore ways to enhance the nation’s digital payments and financial inclusion landscape.

Startups in Africa ranging from the seed to Series A stages and operating within specific categories are urged to apply via Visa’s website by February 29th, 2023.

In addition to this, Visa has also revealed plans to host the program’s first demo day in Nairobi on February 13th. At this event, startups from the first cohort will present their innovations to important ecosystem participants, funding partners, angel investors, and venture capitalists.

Earlier, the first cohort involved startups from over 18 African countries, including Egypt, Morocco, and Tunisia. These startups were selected from more than 1,000 applicants across various sub-sectors such as merchant payment solutions, lending infrastructure, Banking-as-a-Service, and B2B marketplaces. Notably, 48% of these startups had a female founder or a woman in a leadership role.

Now, seed to Series A startups operating in Africa and falling under the specified categories are invited to apply for the second group.

• 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, was among the 23 startup founders who took part in the first cohort of Visa’s Africa Fintech Accelerator program. Paytic Connect is a platform that assists banks, credit unions, and fintech companies in effectively managing their payment card programs.

Rqibi expressed gratitude for the Visa program, stating: “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, which was launched in June 2023, is consistent with Visa’s commitment to invest $1 billion in Africa by 2027, intending to transform Africa’s payment system and boost the digital economy.

Following the inaugural accelerator’s success, Visa is welcoming applications from a fresh group of innovative startups, according to Leila Serhan, Senior Vice President and Group Country Manager for North Africa, Levant, and Pakistan at Visa. She said that this offers entrepreneurs a chance for mentorship, expedited growth, and also access to an expansive network of important partners and investors.

For additional information on the Visa Africa Fintech Accelerator and to apply, please visit their official website.