Visa, a global leader in digital payments, has unveiled its new Visa Africa Fintech Accelerator program aimed at empowering and fostering the growth of Africa’s expanding fintech community. The initiative was announced by Visa Executive Chairman Alfred F. Kelly Jr. during the Bloomberg New Economy Gateway Africa event held in Marrakech, Morocco.
The Visa Africa Fintech Accelerator is designed to facilitate the growth of up to 40 start-ups annually through an intensive three-month learning program focused on business expansion and mentorship. Upon completing the program, Visa plans to further assist fintech growth by providing capital investment to selected participating businesses, while also expediting their commercial launch through access to Visa’s cutting-edge technology and capabilities.
This announcement follows the recent launch of the AWS FinTech Africa Accelerator by Amazon Web Services (AWS), the cloud computing division of e-commerce giant Amazon, earlier this year. The arrival of Visa’s accelerator program signals the increasing recognition of Africa’s vibrant fintech ecosystem and the potential it holds for innovation and growth.
Visa chairman also announced that they will be investing $1 billion in the continent over the next five years, funding and training fintech startups.
Visa Studio
In April 2022, Visa established an innovation studio in Kenya, which was the first of its kind on the continent. The studio serves as a collaborative space where developers, Visa’s internal and external clients, and other partners come together to co-create innovative payment and commerce solutions.
The application process for the Visa Africa Fintech Accelerator will consist of two phases each year, with the first round beginning in July 2023.
