Visa set to invest $1 billion In Africa’s fintech startups in order to get the opportunity to scale their services every year, after participating in the Visa Africa Fintech Accelerator program set to kick off in July 2023 is targeting 40 startups each year to go through a three-month intensive learning programme focused on business growth and mentoring.
The new initiative is a three-month intensive learning program focused on business growth and mentoring. On completion of the program, Visa says it intends to provide support for fintech growth with capital investment in select participating businesses while accelerating their commercial launch through access to the company’s technology and capabilities.
The accelerator program is part of Visa’s pledge to invest $1 billion in Africa’s digital transformation and its long-term commitment to advancing Africa’s economies and driving inclusive growth. Startups that intend to be part of the program can apply through two application phases each year, starting from July 2023. The company said over 1,000 African Fintech startups are taking part in the Visa Everywhere Initiative it started in 2015. The finalist from the competition will be invited to join the accelerator program
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Alfred F Kelly, Executive Chairman, Visa, Inc., said the company has been increasing its investments on the continent for decades while at the same strengthening partnerships to support the next wave of innovation and growth.
Visa sees the support it will provide the startups participating in the program, boosting the payment ecosystem by speeding up new innovations and technologies that provide solutions to challenges that are unique to the African continent, and which can further advance Africa’s digitisation.
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