Visa selects 23 startups for inaugural Africa fintech accelerator
Visa has chosen 23 startups for its inaugural Africa Fintech Accelerator program, designed to empower African startups through expertise, connections, technology, and investment funding. This initiative aligns with Visa's commitment to invest $1 billion in Africa's digital transformation and contribute to the long-term advancement of African economies and inclusive growth.
The accelerator program will facilitate the growth of selected startups through a three-month intensive learning program focused on business expansion and mentorship. After completing the program, Visa will continue to support startups through capital investment, further accelerating their commercial launch by providing access to Visa technology and capabilities.
Alfred F. Kelly Jr., Executive Chairman of Visa, expressed excitement about Africa's vibrant fintech ecosystem, emphasizing the region's entrepreneurial talent and the growth potential of its young, digital-first population. The Fintech Accelerator aims to bring expertise, connections, and investment to Africa's leading fintech startups, fostering their growth on a larger scale.
Key Takeaways
The new program is a sign of Visa’s growing ambitions on the continent and the direction of this ambition. African fintech companies receive the most venture capital funding compared to other technology categories. In 2022, they raised over $2 billion out of over $5 billion invested in the entire ecosystem. Following the program completion, Visa intends to further support fintech growth with capital investment in select participating businesses, while accelerating their commercial launch through access to its technology and capabilities.
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