Visa‘s Accelerator Program has opened doors for business across Africa’s fintech landscape, positioning them for sustainable growth and impact. Over 12 weeks, this initiative has played a pivotal role in nurturing and empowering startups across the continent, facilitating connections, and fostering innovation.
Visa Africa Fintech Accelerator Program
The Visa Africa Fintech Accelerator program, conducted virtually, aimed to bolster the growth of fintech startups in Africa. With 23 startups from various African nations comprising its inaugural cohort, the program provided crucial support in terms of expertise, networking opportunities, technological resources, and investment funding.
Post-program, Visa intends to continue its support for these fintech startups, offering further investment and resources to catalyse their growth and enhance their impact on Africa’s digital economy.
Read also: Visa announces Visa Africa fintech accelerator programme
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Participants Review: Floatpays CEO, Simon Ward
In a virtual media interview, Simon Ward, CEO and Founder of Floatpays, shared insights into the African market and his company’s participation in the Visa accelerator. Ward characterised the current African fintech ecosystem as “maturing,” highlighting a growing interest among traditional businesses and banks in partnering with startups to drive innovation.
According to Ward, “There’s a lot of enthusiasm in partnering with fintechs, which in our sense didn’t exist a while ago. It was very much traditional business and traditional banks, but as we move forward, we’re seeing more of those types of traditional organisations wanting to partner with startups to drive innovation through these ecosystems. It’s definitely a maturing landscape and a very exciting one.”
Value of Partnerships
Ward emphasised the significance of partnerships, citing them as a key aspect of Floatpays’ experience in the Visa Accelerator program. Interactions with fellow cohort members provided valuable insights into regional challenges, fostering collaborations and inspiring new business ideas. He said that “meeting the other 22 startups in the group has been extremely valuable to us.”
The CEO added that “to understand their challenges, what they’re looking at doing, what Africa means to them in their specific region and potential partnerships which could come from that was fantastic. There are a lot of collaborations and ideas which could actually formulate new business thinking through the program.”
Exponential Benefits
Reflecting on the program, Ward described it as an “exciting few months,” underscoring the transformative impact on participating startups. Direct engagement with Visa offered unparalleled opportunities for product development and financial inclusion initiatives. Moreover, mentorship provided by industry experts facilitated the maturation of startups, equipping them for the next phase of growth.
Looking ahead, the future appears promising for Africa’s fintech ecosystem. With the momentum gained from initiatives like the Visa Accelerator Program, startups are poised to leverage partnerships, innovation, and investment to drive sustainable growth and impact. As traditional businesses increasingly recognize the value of collaboration with fintechs, opportunities for groundbreaking solutions and market expansion are on the horizon.