Visa Expands Fintech Accelerator Program for Africa's Fifth Group, Reveals 22 Fintech Startups in the Fourth Batch
Visa Africa Fintech Accelerator Program Aids African Startups in Scale and Growth
The Visa Africa Fintech Accelerator program, launched in 2023, is a 12-week intensive initiative designed to help early-stage African fintech startups accelerate their growth and impact. This program is part of Visa's commitment to advancing Africa's digital economy and their pledge of $1 billion by 2027 to transform the payments ecosystem[1][2][3][4][5].
The program offers mentorship, tailored training, access to Visa’s technology tools, and opportunities for strategic investment. Startups spanning diverse fintech areas such as payments, lending, AI-powered solutions, cross-border transactions, and SME digitization are invited to apply[6].
Key benefits for participating startups include access to Visa’s developer ecosystem and technology tools, practical training, funding and investment opportunities, product perks and incentives, and extensive networking with investors and ecosystem players[7].
Since its inception, the Visa Africa Fintech Accelerator program has accelerated 64 fintech startups across three cohorts, with an estimated cumulative portfolio value of $1.1 billion[8]. These startups have generated $3 million in revenue during training and raised over $55 million in funding post-program[9].
The fourth cohort of the Visa Africa Fintech Accelerator includes 22 startups spanning 12 countries, such as the Democratic Republic of Congo, Mauritius, Ivory Coast, Kenya, Nigeria, Egypt, Zimbabwe, Morocco, Botswana, Ghana, Uganda, and Ghana[10].
Chad Pollock, General Manager and Vice President of Visa East Africa, has announced the invitation for applications for Cohort 5 of the Visa Africa Fintech Accelerator[11]. These startups aim to tackle challenges in Africa's fintech sector and promote financial inclusion and digital growth.
For those interested in applying, the deadline for applications is August 15, 2023[12]. The virtual program for Cohort 5 will conclude with an in-person Demo Day, providing startups with the opportunity to showcase their solutions to potential investors[13].
Some examples of the solutions provided by these startups include Small and Medium Business (SMB) digitization, lending, cross-border payments, payroll, business-to-business (B2B) payments, AI-powered payments, social commerce, climate insurance, and neo-banking[14].
Visa, a global leader in digital payments, is accepting applications for the fifth cohort of its Visa Africa Fintech Accelerator. Startups based in Africa with a minimum viable product (MVP) or a market-ready solution are encouraged to apply[6].
[1] https://www.visa.com/about-visa/newsroom/press-releases/visa-announces-partnership-with-plug-and-play-to-accelerate-africas-digital-economy [2] https://www.visa.com/about-visa/newsroom/press-releases/visa-announces-investment-in-africas-digital-economy-through-visa-africa-fintech-accelerator [3] https://www.visa.com/about-visa/newsroom/press-releases/visa-announces-investment-in-africas-digital-economy-through-visa-africa-fintech-accelerator-program [4] https://www.visa.com/about-visa/newsroom/press-releases/visa-announces-the-fourth-cohort-of-the-visa-africa-fintech-accelerator-program [5] https://www.visa.com/about-visa/newsroom/press-releases/visa-announces-the-fifth-cohort-of-the-visa-africa-fintech-accelerator-program [6] https://www.visa.com/about-visa/newsroom/press-releases/visa-announces-the-fifth-cohort-of-the-visa-africa-fintech-accelerator-program [7] https://www.visa.com/about-visa/newsroom/press-releases/visa-announces-the-fourth-cohort-of-the-visa-africa-fintech-accelerator-program [8] https://www.visa.com/about-visa/newsroom/press-releases/visa-announces-the-fourth-cohort-of-the-visa-africa-fintech-accelerator-program [9] https://www.visa.com/about-visa/newsroom/press-releases/visa-announces-the-fourth-cohort-of-the-visa-africa-fintech-accelerator-program [10] https://www.visa.com/about-visa/newsroom/press-releases/visa-announces-the-fourth-cohort-of-the-visa-africa-fintech-accelerator-program [11] https://www.visa.com/about-visa/newsroom/press-releases/visa-announces-the-fifth-cohort-of-the-visa-africa-fintech-accelerator-program [12] https://www.visa.com/about-visa/newsroom/press-releases/visa-announces-the-fifth-cohort-of-the-visa-africa-fintech-accelerator-program [13] https://www.visa.com/about-visa/newsroom/press-releases/visa-announces-the-fifth-cohort-of-the-visa-africa-fintech-accelerator-program [14] https://www.visa.com/about-visa/newsroom/press-releases/visa-announces-the-fourth-cohort-of-the-visa-africa-fintech-accelerator-program
- The Visa Africa Fintech Accelerator program, a 12-week initiative by Visa, supports African startups in fintech, healthcare, education, banking, and other industries, aiming to scale and grow their impact.
- These startups develop innovative solutions, such as SMB digitization, lending, cross-border payments, payroll, business-to-business (B2B) payments, AI-powered payments, social commerce, climate insurance, and neo-banking, to address challenges in Africa's fintech sector and promote financial inclusion.
- By participating in the Visa Africa Fintech Accelerator, startups gain access to Visa’s developer ecosystem, technology tools, mentorship, tailored training, funding and investment opportunities, product perks, incentives, and extensive networking with investors and ecosystem players.
- Visa has invested $1 billion by 2027 to transform Africa's payments ecosystem, and through the Visa Africa Fintech Accelerator program, it has accelerated 64 fintech startups with an estimated cumulative portfolio value of $1.1 billion, generating $3 million in revenue during training and gathering over $55 million in funding post-program.
- startups from fintech areas like payments, lending, AI-powered solutions, cross-border transactions, and SME digitization are encouraged to apply, and successful applicants will be part of the virtual program concluding with an in-person Demo Day, providing startups with the opportunity to showcase their solutions to potential investors.
- With the fourth cohort consisting of 22 startups spanning 12 countries, the Visa Africa Fintech Accelerator is accepting applications for the fifth cohort, inviting startups based in Africa with a minimum viable product (MVP) or a market-ready solution to apply and contribute to the growth of Africa's digital economy.
