Kenyan tech giants, Safaricom, has entered a partnership with M-PESA Africa and Fortune 500 trading and business investment company, Sumitomo Corporation, to launch a Spark Accelerator Program for local Kenyan startups.
According to Safaricom CEO, Peter Ndegwa, the programme which will run for three months, aims to accelerate early-stage startups to grow and scale their businesses.
The accelerator program will provide a blend of training, mentorship, funding and go-to-market support to spark the growth and scale of ventures that come into the accelerator and set them up for long-term success, Ndegwa said.
“The Spark Accelerator program is in line with our ambition to be a purpose-led technology company. With the accelerator, we are offering more than just capital injection which is what we did previously with Spark Fund,” he said.
“We have restructured the program to address the challenges that hinder early startups from growing to scale.”
“The Spark Accelerator will benefit fintech and content startups in the initial phase and will take an ecosystem-based approach to identify and accelerate the startups by leveraging a team of experts who understand market dynamics, emerging tech and who are keen to enable continuous innovation.”
“Participating startups are set to benefit with access to technical support to develop mini-apps embedded into Safaricom’s M-PESA Super App, empowering them to reach more than 4 million customers who use the app.”
“M-PESA Africa will offer expertise, market research and insights, and other capacity support for startups looking to expand their reach to other countries.
“The support will continue beyond the three-month program enabling startups in the program to tap into more than 60 million customers and 5 million businesses across M-PESA’s eight markets.”
Katsuya Kashiki, Sumitomo’s
General Manager, Smart Communications Platform Business Division, who also spoke on the programme, said:
“Sumitomo Corporation’s wide range of business experience will contribute to create innovative businesses and support the expansion of the startup ecosystem.”
“Through this program, we will contribute to the development of the African economy, human resource development, and the realization of a more prosperous life for the people,” he added.