visimoney
TLDR:
- Visa Africa Fintech Accelerator program aligns with Visa’s $1 billion investment pledge in Africa by 2027.
- The program supports fintech startups in Africa through mentorship, training, and networking opportunities.
The Visa Africa Fintech Accelerator program, launched in June 2023, is in alignment with Visa’s commitment to invest $1 billion in Africa by 2027, aiming to revolutionize Africa’s payment ecosystem and uplift the digital economy. The 12-week hybrid initiative supports fintech startups in Africa to scale their solutions and access Visa’s network, expertise, and capabilities. The program runs twice a year, accepting up to 20 startups per cohort, with the second cohort recently accepting applications until February 29, 2024.
The program offers personalized mentoring from industry experts within Visa and Plug and Play’s network, access to a broad venture capital network, and opportunities to engage with speakers and curated content. Startups benefit from training modules, onboarding tools, and the chance to secure funding through investment reviews and a Demo Day presentation to global venture capitalists. The first cohort of the program showcased success stories, including Timbo Drayson, CEO and co-founder of OkHi, an AI-powered smart addressing system operating in Kenya.
As the program moves forward with its second cohort, it aims to support startups in categories such as unlocking money movement, embedded finance, empowering merchants and SMEs, payment infrastructure enablers, the future of finance, and sustainable and inclusive finance. The program collaborates with Plug and Play to provide personalized mentoring and access to investment opportunities for startups. The application phase for the second cohort ran from January 8th to February 29th, 2024, targeting Seed to Series A startups operating in Africa.
The Visa Africa Fintech Accelerator Program’s focus on diversity and inclusion, with 41% of startups in the first cohort having a woman founder or leader, highlights a commitment to promoting gender diversity. Through initiatives like personalized mentoring, curated content, and networking opportunities, the program aims to empower diverse founders and support their success in the fintech industry. Visa’s broader initiatives and plans aim to further support fintech growth in Africa and drive inclusive growth in the region.
