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Tuesday 30 January 2024

Visa Launches Second Round of Africa Fintech Accelerator Program, Facilitates Innovation in Digital Payments


Visa, a global leader in digital payments, has opened applications for the second batch of its Africa Fintech Accelerator program. The announcement was made during Fintech Day, a gathering of Morocco's fintech community aimed at exploring opportunities to enhance the nation's digital payments and financial inclusion landscape.

Startups operating in Africa, ranging from seed to Series A stages and within specific categories, are encouraged to apply through Visa's website by February 29th, 2023.

Furthermore, Visa has unveiled plans to host the program's inaugural demo day in Nairobi on February 13th. During this event, startups from the first cohort will showcase their innovations to key ecosystem participants, funding partners, angel investors, and venture capitalists.

Earlier, the first cohort involved startups from over 18 African countries, including Egypt, Morocco, and Tunisia. These startups were selected from more than 1,000 applicants across various sub-sectors such as merchant payment solutions, lending infrastructure, Banking-as-a-Service, and B2B marketplaces. Notably, 48% of these startups had a female founder or a woman in a leadership role.

Now, seed to Series A startups operating in Africa and falling under the specified categories are invited to apply for the second group.

Ayoub Rqibi, COO and Co-founder of Paytic Connect, was among the 23 startup founders who took part in the first cohort of Visa’s Africa Fintech Accelerator program. Paytic Connect is a platform that assists banks, credit unions, and fintech companies in effectively managing their payment card programs.

Rqibi expressed gratitude for the Visa program, stating: “Thanks to the Visa accelerator program, we’ve been able to clarify our goals and structure our approach in a more strategic manner. The program’s comprehensive guidance and mentorship have been invaluable in helping us focus our efforts, refine our business model, and accelerate our progress. The network and resources provided by the program have also enabled us to forge valuable partnerships and access new opportunities.”

The Accelerator program, which was launched in June 2023, is consistent with Visa’s commitment to invest $1 billion in Africa by 2027, intending to transform Africa’s payment system and boost the digital economy.

Following the inaugural accelerator’s success, Visa is welcoming applications from a fresh group of innovative startups, according to Leila Serhan, Senior Vice President and Group Country Manager for North Africa, Levant, and Pakistan at Visa. She said that this offers entrepreneurs a chance for mentorship, expedited growth, and also access to an expansive network of important partners and investors.

For more information, visit the official website.

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