Visa has announced the launch of the Visa Africa Fintech Accelerator program, aimed at supporting and empowering Africa’s flourishing startup community. With a focus on expertise, connections, technology, and investment funding, the initiative was unveiled by Alfred F. Kelly Jr., Visa’s Executive Chairman, at the Bloomberg New Economy Gateway Africa event held in Marrakech, Morocco.
The Visa Africa Fintech Accelerator program will facilitate the growth and acceleration of up to 40 startups annually through an intensive three-month learning program. This program will prioritize business growth and mentoring, equipping participating companies with the necessary tools to succeed. Upon completion, Visa plans to continue supporting fintech growth by investing capital in select participating businesses, while providing access to Visa’s cutting-edge technology and capabilities to expedite their commercial launch.
This initiative aligns with Visa’s recent commitment to invest $1 billion in Africa’s digital transformation, reflecting the company’s long-term dedication to fostering economic advancement and inclusive growth across the continent. Fintech startups from across Africa can apply to be part of the program during two application phases each year, starting in July 2023. Notably, over 1,000 African fintech startups participated in the Visa Everywhere Initiative competition in 2022, and finalists from this year’s country editions 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,” stated Alfred F. Kelly Jr. “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 startups so they can grow at scale.”
By supporting fintechs in Africa, Visa aims to reinforce and enhance the payment ecosystem by fast-tracking new innovations and technologies that address unique challenges faced on the continent. This endeavor further contributes to Africa’s ongoing digitization. Visa’s corporate purpose, rooted in uplifting everyone, everywhere through seamless payment experiences, underpins its commitment to foster financial inclusion through the support of African fintechs.
“Africa’s fintech community is at the forefront of payments innovation and connecting more of the unbanked with access to the digital economy,” affirmed Otto Williams, Head of Partnerships, Products and Solutions, Central Europe, Middle East, and Africa at 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 the $1 billion commitment to Africa, Visa has recently introduced several business initiatives and programs to advance the payments ecosystem on the continent. These include establishing local operations in the Democratic Republic of Congo, Ethiopia, and Sudan, expanding technological capabilities to facilitate digital payments for African consumers and merchants, and collaborating with partners to promote financial literacy in multiple languages.
Visa’s track record of fostering innovation and supporting entrepreneurship is further exemplified through its Visa Everywhere Initiative (VEI). This global open innovation competition allows startups to showcase their innovative solutions to tackle future payment and commerce challenges. Since its launch in 2015, the program has received nearly 12,000 applications, and many winners now collaborate with Visa or its clients. VEI not only offers monetary prizes but also provides winners with exposure to Visa’s extensive network of partners in banking, merchant services, venture capital, and government sectors, while benefiting from the brand recognition associated with one of the world’s most trusted and valuable companies.
