Visa opens accelerator for African fintech

Fintech and payments startups can apply for an opportunity to access training, connections, technology, and investment opportunities.

Visa is inviting start-ups to participate in the inaugural cohort of the Visa Africa Fintech Accelerator program, which will focus on start-ups operating in Africa. The program will run for 12 weeks, twice a year, and will accommodate up to 20 start-ups per cohort.

Start-ups up to Series A stage are encouraged to apply through the Visa website for a chance to benefit from unparalleled expertise, valuable industry connections, cutting-edge technology, and potential investment funding. The application window will close on August 25, and the first cohort of selected start-ups will be announced in September.

Aligned with Visa’s commitment to invest $1 billion in Africa by 2027, the accelerator aims to strengthen Africa’s payment ecosystem by fostering innovations and technologies that focus on digitizing economies, upskilling talent, and building capacity.

The Visa Africa Accelerator has partnered with Plug and Play, the world’s leading innovation platform, to deliver the program. Throughout the 12-week program, Plug and Play will provide valuable content, facilitate access to mentors, arrange one-on-one coaching sessions, and connect start-ups with a global and regional network of investors.

The accelerator is looking for disruptive start-ups that operate and generate revenue within the African continent. Start-ups falling under the following five categories are encouraged to apply:

1. Unlocking money movement: Digitizing various payment types, including cross-border remittances and funds disbursements, open banking and account-to-account solutions, mobile money flows, and interoperability.
2. Embedded finance: Creating advanced intelligence to enhance payment and finance experiences in B2C and B2B commerce models, including instalments, flexible financing, consumer loyalty, and Fintech-as-a-Service.
3. Empowering merchants and SMEs: Accelerating the growth of merchants and SMEs through digital payment solutions to foster financial inclusion, focusing on next-generation omnichannel payments, digital onboarding, working capital optimization, and merchant value-add solutions.
4. Payment infrastructure enablers: Building the base layer of payment infrastructure and key enabling services, such as authentication and fraud solutions, digital onboarding and identity management, credit scoring and risk management solutions, and data solutions and insights.
5. The future of finance: Embracing emerging technologies to revolutionize financial services, such as AI-powered payments, blockchain and enterprise DLT, and programmable money.
6. Sustainable and inclusive finance: Enhancing payments technology to contribute to an eco-friendly economy, drive inclusiveness, reduce inequality, and create a positive impact through financial services for underserved or climate-vulnerable communities, and affordable and accessible financial solutions.

Otto Williams, Senior Vice President, Head of Product, Partnerships, and Digital Solutions for Visa CEMEA, expressed that the Visa Africa Fintech Accelerator is committed to driving financial innovation, fostering entrepreneurship, and supporting the growth of Fintech ecosystems across Africa. He highlighted that the accelerator represents a unique opportunity for Fintech start-ups to access invaluable resources, mentorship, and potential investment opportunities.

For more information about the Visa Fintech Africa Accelerator and to apply, interested parties can visit the following page: africa.visa.com/visa-everywhere/innovation/visa-accelerator.html.