In a bid to revolutionize Africa’s payment ecosystem and bolster the digital economy, the Visa Africa Fintech Accelerator, launched in June 2023, has become a beacon of opportunity for fintech startups across the continent. Aligned with Visa’s commitment to invest $1 billion in Africa by 2027, this 12-week hybrid initiative aims to uplift Africa’s digital landscape by providing startups with unparalleled support and resource access.
“This program is meticulously designed to empower startups by connecting them with seasoned mentors, state-of-the-art technology, and exceptional investment opportunities, providing them with the resources they need to grow and make a significant impact on the African digital economy,” remarked Leila Serhan, Senior Vice-president and Group Country Manager for North Africa, Levant, and Pakistan (NALP) at Visa.
The accelerator program offers personalized mentoring from industry experts, access to a broad venture capital network, and opportunities to engage with diverse speakers and curated content. With a focus on scaling solutions and tapping into Visa’s network, startups receive tailored support to refine offerings, navigate fintech complexities, and foster strategic partnerships for growth.
The success of the program’s first cohort underscores its impact, with startups operating in over 18 African countries and showcasing a commitment to diversity and inclusion, with 41% having a woman founder or leader. Timbo Drayson, CEO and co-founder of OkHi, an AI-powered smart addressing system, lauded the program for upskilling their team and facilitating new customer and partner acquisitions.
As the program welcomes its second cohort, startups have the opportunity to access personalized mentorship, networking opportunities, and a broader network of partners and investors. Seed to Series A startups operating in Africa are invited to apply, with specific categories including unlocking money movement, embedded finance, empowering merchants and SMEs, and sustainable and inclusive finance.
Plug and Play serves as a key program partner, offering startups access to personalized mentoring and curated content over 12 specialized focus weeks. Moreover, startups benefit from potential funding avenues and investment reviews by Visa and Plug and Play, further fueling their success in the fintech industry.
The application phase for the second cohort ran through January 8th to February 29th, 2024. Selected startups undergo two rounds of screening, with shortlisted candidates participating in virtual interviews before the final selection. During the 12-week program, startups receive personalized mentoring from investment professionals and culminate the journey with an in-person pitch day/demo day to global venture capitalists.
Diversity and inclusion remain integral to the program’s ethos, with efforts to promote gender diversity and empower underrepresented groups. By providing equal opportunities and amplifying voices from diverse backgrounds, the program aims to create a more inclusive fintech ecosystem.
Through initiatives like the Visa Africa Fintech Accelerator Program, Visa continues to invest in Africa’s digital transformation, fostering innovation and entrepreneurship in the fintech sector. With a commitment to providing startups with the necessary support and resources, Visa aims to drive inclusive growth and advance Africa’s economies in the digital age.