Visa, the global payment technology company, has unveiled the Africa Fintech Accelerator program, aimed at empowering African start-ups by providing them with expertise, connections, technology, and investment funding.
This initiative aligns with Visa’s recent commitment to invest US$1 billion in Africa’s digital transformation and its long-term dedication to fostering economic advancement and inclusive growth in the region.
The Africa Fintech Accelerator program offers a three-month intensive learning experience designed to fuel the growth and development of up to 40 start-ups annually, focusing on business expansion and mentoring.
Upon completion of the program, Visa plans to extend further support to select participating fintech businesses by providing capital investment. Additionally, participants will gain access to Visa’s cutting-edge technology and capabilities, expediting their commercial launch.
African fintech start-ups can apply for the program during two application phases each year, commencing this month.
With over 1,000 African fintech start-ups participating in the Visa Everywhere Initiative competition in 2022, finalists from the country editions held this year will have the opportunity to join the accelerator program.
“Africa boasts one of the world’s most dynamic and revered fintech ecosystems, nurturing exceptional entrepreneurial talent within a rapidly growing, digitally-savvy population,” remarked Alfred F. Kelly Jr., Executive Chairman of Visa.
“For decades, Visa has been increasing its investments in Africa while forging stronger partnerships throughout the continent, all aimed at supporting the forthcoming wave of innovation and growth.
Our newly introduced Fintech Accelerator will provide expertise, connections, and investment opportunities to Africa’s premier fintech start-ups, facilitating their scalable expansion.”
By launching the Africa Fintech Accelerator program, Visa aims to foster a thriving fintech ecosystem in Africa, empowering start-ups to drive economic progress and create inclusive opportunities across the continent.