In a significant move to bolster innovation and entrepreneurship within Africa's burgeoning FinTech landscape, Visa has announced the launch of the second cohort of its Africa FinTech Accelerator program. Aimed at nurturing startups across the continent, this initiative underscores Visa's commitment to fostering digital transformation and financial inclusion in Africa.
Accepting applications until February 29, the program is tailored for seed to Series A startups operating in Africa, focusing on areas critical to the continent's financial ecosystem. These include unlocking money movement, embedded finance, empowering merchants and small- to medium-sized businesses (SMBs), payment infrastructure, the future of finance, and sustainable and inclusive finance.
Leila Serhan, Senior Vice President and Group Country Manager for North Africa, Levant, and Pakistan at Visa, emphasized the accelerator's role in providing entrepreneurs with mentorship, fast-tracked growth, and access to a broad network of partners and investors. This initiative is part of Visa's broader strategy to invest $1 billion in Africa by 2027, aiming to scale operations, deploy new technologies, and deepen collaboration with local partners.
The inaugural cohort of the program, launched in June, showcased 23 startup founders from over 18 African countries, with a notable emphasis on diversity—48% of these startups boasted women founders or leadership positions. These startups spanned a range of subsectors, including merchant payment solutions, lending infrastructure, Banking-as-a-Service (BaaS), and B2B marketplaces.
One of the participants from the first cohort, Ayoub Rqibi, COO and co-founder of Paytic Connect, lauded the program for its instrumental role in refining the company's business model and accelerating growth. The comprehensive guidance and mentorship offered by the program have proven invaluable for participating startups, helping them to navigate the complex landscape of Africa's FinTech ecosystem.
The culmination of the first cohort will see startups pitching their innovations to investors on February 13 during a Demo Day organized by Visa in Nairobi. This event represents a critical opportunity for emerging FinTechs to secure investment and partnership that could propel their ventures to the next level.
Visa's Africa FinTech Accelerator program is more than just an investment in individual startups; it's an investment in Africa's digital future. By supporting the development of innovative financial solutions, Visa is helping to pave the way for a more inclusive, sustainable, and prosperous Africa. As the second cohort gets underway, the FinTech community eagerly anticipates the new ideas and breakthroughs that will emerge, further solidifying Africa's position as a hotbed of FinTech innovation.
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