Visa launches new Accelerator Program

Visa has announced the launch of the Visa Africa Fintech Accelerator program, aiming to support the growing start-up community in Africa with expertise, connections, technology, and investment funding. The initiative, introduced by Visa Executive Chairman Alfred F. Kelly Jr. at Bloomberg New Economy Gateway Africa in Marrakech, Morocco, plans to facilitate up to 40 start-ups annually through a three-month intensive learning program focused on business growth and mentorship. Visa also intends to provide capital investment in select participating businesses and assist with their commercial launch by granting access to Visa technology and capabilities.

This new program follows Visa’s recent commitment to invest $1 billion in Africa’s digital transformation and its long-term dedication to promoting economic advancement and inclusive growth on the continent. Fintech start-ups across Africa can apply to join the program through two application phases each year, starting in July 2023. In 2022, over 1,000 Africa Fintech start-ups participated in the Visa Everywhere Initiative (VEI) competition, and finalists from this year’s country editions will be invited to join the accelerator program.

Alfred F. Kelly Jr., Executive Chairman of Visa, Inc., expressed excitement about Africa’s fintech ecosystem, describing it as one of the most dynamic and admired in the world. He emphasized Visa’s commitment to increasing investments in Africa and strengthening partnerships to support innovation and growth. The Visa Africa Fintech Accelerator aims to provide expertise, connections, and investment opportunities to foster the growth of Africa’s top fintech start-ups.

This program’s support for participating fintechs will contribute to the development of a robust payment ecosystem by expediting the adoption of new innovations and technologies that address unique challenges in Africa. It aligns with Visa’s corporate purpose of providing the best way to pay and be paid while uplifting everyone through expanded financial inclusion. Visa’s Head of Partnerships, Products, and Solutions for Central Europe, Middle East, and Africa, Otto Williams, highlighted Africa’s fintech community’s role in driving payment innovation and expanding access to the digital economy. He expressed Visa’s enthusiasm for collaborating with brilliant entrepreneurs and companies to shape the future of finance through the Visa Africa Fintech Accelerator.

Visa has also taken additional steps to advance the payments ecosystem in Africa, including establishing local operations in the Democratic Republic of Congo, Ethiopia, and Sudan, as well as opening the first dedicated Visa Sub-Saharan Africa Innovation Studio in Nairobi, Kenya. The company has introduced new technologies such as Tap to Phone, enabling mobile phones to function as point-of-sale terminals, and Visa Direct, which reduces remittance costs. Visa has positioned itself as a preferred fintech partner, working closely with innovators and entrepreneurs through initiatives like the Visa Everywhere Initiative program and dedicated country programs in South Africa, Kenya, and Egypt. Furthermore, Visa has launched programs to support women’s empowerment and financial literacy in collaboration with partners across the region.