Visa has announced the start of a new programme called the Visa Africa Fintech Accelerator.
This programme will help the growing number of start-ups on the continent by giving them access to expertise, contacts, technology, and investment money.
Alfred F. Kelly Jr., the executive chairman of Visa, announced the plan at the Bloomberg New Economy Gateway Africa conference in Marrakech, Morocco.
The Visa Africa Fintech Accelerator will help up to 40 start-ups each year speed up and grow through a three-month intensive learning programme that focuses on business growth and mentoring.
After the programme is over, Visa plans to continue to help fintech grow by investing money in a few of the businesses that took part and speeding up their commercial launch by giving them access to Visa technology and skills.
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Visa’s $1 billion African digital transformation
The start of the Alsfrica Fintech Accelerator programme follows Visa’s recent promise to invest $1 billion in Africa’s digital transformation and its long-term commitment to improving Africa’s economies and driving inclusive growth.
Starting in July 2023, fintech startups from all over Africa can apply to be part of the programme during two application periods each year. More than 1,000 fintech start-ups from Africa will compete in the Visa Everywhere Initiative (VEI) competition in 2022. This year’s winners from the African country editions will be asked to join the accelerator programme.
In response to this, Mr. Kelly Jr., the Executive Chairman of Visa, said, “Africa has one of the most interesting and admired fintech ecosystems in the world, which brings great entrepreneurs to a young, digital-first population that is growing quickly.
“Visa has been increasing its investments in Africa for decades and building stronger relationships across the continent to support the next wave of innovation and growth. Our new Fintech Accelerator will help Africa’s best new Fintech companies grow by giving them advice, contacts, and money.
To accelerate digital transformation in Africa, Visa will invest $1 billion
Fintech support improves the payment ecosystem
The support provided to participating fintechs will strengthen the payment ecosystem by advancing cutting-edge technological advancements that address African concerns and advance digitization.
Visa’s main goal is to help everyone, everywhere, by giving people the best way to pay and get paid. It also works with Africa’s fintechs to help more people get access to money.
Otto Williams, Visa’s Head of Partnerships, Products, and Solutions for Central Europe, the Middle East, and Africa, said, “Africa’s fintech community is at the forefront of payments innovation and giving more unbanked people access to the digital economy.”
Visa has been working with this active group to create new programmes and solutions that will help fintechs grow and give them access to Visa’s technology and partner environment. With the new Visa Africa Fintech Accelerator, we hope to work with more smart startups and companies to change the way money will be used in the future.
Visa has put $1 billion into Africa and started many commercial projects and programmes to improve the way payments are made in Africa.
There are local businesses in the Democratic Republic of Congo, Ethiopia, and Sudan. These are meant to improve the local financial ecosystem. Visa can be used to make payments in 54 African countries from 10 different places.
It also opened the first Visa Sub-Saharan Africa Innovation Studio in Nairobi, Kenya. This studio is a state-of-the-art space where clients and partners can work together to create payment and commerce solutions that are ready for the future. The studio will also introduce and expand new technologies that help African consumers and merchants make and receive digital payments, such as Tap to Phone, which turns a mobile phone into a point-of-sale terminal and lowers the cost of transactions.
The company also pushed Visa as the best fintech partner, working with innovators and entrepreneurs through the Visa Everywhere Initiative project, which has national programmes in South Africa, Kenya, and Egypt.
It has worked with financial partners to improve financial literacy in a number of languages, including localized versions of Practical Money Skills in Egypt and Morocco and She’s Next, which helps female entrepreneurs in Egypt, Kenya, Morocco, and South Africa grow their businesses by giving them funding, mentoring, and networking opportunities.