Visa has finally selected 23 startups out of a pool of 40 for its maiden Africa Fintech Accelerator programme, with the aim of enabling them 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, in July, with Kelly Jr. saying the programme 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.
“On completion of the accelerator programme, 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,” he said.
“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.
“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.
“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,” he added.
The selected 23 startups, which will form the first cohort of the programme, include five from Nigeria, namely Anchor, Dojah,
Moni, Orda Africa, and Traction.
Kenya has four startups, including OkHi, Duhqa, Power and Workpay, while Ghana also has four representatives— OZÉ, The Blu Penguin, AgroCenta, and Affinity Africa.
Three startups were selected from Morocco, namely Chari, PayTic, and platform Weego, as well as South Africa— Floatpays, Franc, and OnLife. Egypt has Sympl, Uganda has Eversend, Zambia has PremierCredit, and Tunisia has Konnect.