VISA to launch Africa Fin-tech Accelerator Program to expand its reach

Visa announced the launch of the new Visa Africa Fintech Accelerator program to help enable Africa’s expanding start-up community through expertise, connections, technology, and investment funding. The initiative was introduced by Visa Executive Chairman Alfred F. Kelly Jr. at Bloomberg New Economy Gateway Africa in Marrakech, Morocco.

The Visa Africa Fintech Accelerator will enable up to 40 start-ups each year to accelerate and grow through a three-month intensive learning program focused on business growth and mentoring. Following the program completion, Visa intends to further support fintech growth with capital investment in select participating businesses, while accelerating their commercial launch through access to Visa technology and capabilities.

The launch of the Africa Fintech Accelerator program follows Visa’s recent pledge to invest $1 billion in Africa’s digital transformation and its long-term commitment to advancing Africa’s economies and driving inclusive growth.

Fintech startups throughout Africa can apply to be part of the program through two application phases each year, starting from July 2023. With more than 1,000 Africa Fintech start-ups taking part in the Visa Everywhere Initiative* (VEI) competition in 2022, finalists from Africa country editions this year 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,” said Alfred F. Kelly Jr., Executive Chairman, Visa, Inc. 

“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 start-ups so they can grow at scale.”

According to Visa, the support for participating fintechs will help further strengthen the payment ecosystem by fast-tracking new innovations and technologies that provide solutions to challenges that are unique to the African continent, and which can further advance Africa’s digitization.

In line with Visa’s corporate purpose to uplift everyone, everywhere by being the best way to pay and be paid, this support of Africa’s fintechs will facilitate additional opportunities to expand financial inclusion.

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