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Visa picks 23 African startups for maiden Fintech programme

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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.

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Cut to undersea cable causes internet disruptions across East, Southern Africa

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Internet services across East and Southern Africa have suffered outages following undersea submarine cable cuts on Sunday.

According to the Group CTIO at Liquid Intelligent Technologies, Ben Roberts, in a post on X on Monday, the faults have been reported in the Eastern Africa Submarine Cable System (EASSy) and the Seacom cables.

Though details of the fibre cut are still unclear, Roberts said three crucial submarine cables in the Red Sea, the Seacom, EIG, and AAE1, suffered cuts and remain unrepaired, leading to the widespread outage.

“We have experienced an outage on one of the undersea cables that deliver internet traffic in and out of the country,” Roberts said.

“We have since activated redundancy measures to minimise service interruption and keep you connected as we await the full restoration of the cable. You may, however, experience reduced internet speeds,” he added.

Four of the nine subsea cables that connect countries like South Africa to the rest of the world were reported as damaged due to incidents on either side of the continent.

In Kenya, this latest outage seems to have affected service providers like Safaricom, Airtel and Telkom Kenya. Safaricom said has since activated redundancy measures to minimise service interruption and keep users connected, according to reports.

Other East African countries affected by the cut are Tanzania, Burundi, Uganda, and Rwanda.

This is the second time Africa has experienced a major fibre cut this year. In March, a suspected underwater rock slid off the coast of Cote d’Ivoire resulting in several submarine cables being offline which affected over 13 West African countries with greater impacts felt in Nigeria, Ghana and Senegal.

The affected cables included Africa Coast to Europe (ACE),
SAT-3 – Submarine Atlantic 3/West Africa Submarine Cable, WACS – West Africa Cable System and MainOne.

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Oracle to increase research, development investments in Morocco

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Global IT vendor, Oracle, has announced plans to expand its research and development (R&D) capabilities in Morocco by growing its local workforce to 1,000 information technology (IT) professionals.

Safra Catz, CEO of Oracle, who made the announcement on Friday, said the investment in the North African country will accelerate the development of Oracle’s cutting-edge technologies that help solve customer challenges worldwide.

“Oracle’s R&D center in Casablanca has already played a critical role in creating technical breakthroughs, enhancing cybersecurity, and delivering impactful new AI capabilities,” said Catz.

“By expanding our R&D presence in Morocco, we can further tap its deep talent pool to accelerate development of solutions that help our global customers grow their businesses and win in their industries,” he added.

Ms. Ghita Mezzour, Morocco’s Minister of Digital Transition and Administration Reform who signed the Memorandum of Understanding (MoU) on behalf of the government, said:

“This ambitious project falls within the strategic and comprehensive Royal Vision of His Majesty King Mohammed VI who called on encouraging Moroccan youth innovation and creativity.

“At this cutting-edge center, young Moroccans will be at the forefront of designing and developing innovative solutions, covering the latest technologies such as artificial intelligence, big data, cloud computing and cybersecurity.

“These solutions will be deployed on a global scale, thus strengthening Morocco’s positioning as a regional digital hub.”

Oracle’s expansion follows the opening of its Morocco Development Center facility at Casanearshore Park in Casablanca, where researchers use Oracle’s cloud, AI, and machine learning technologies to tackle the most pressing challenges facing business, science, and the public sector.

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