Visa is launching a fintech accelerator program for African startups as part of its recent $1 billion commitment to enhance digital payments across the continent.
The Visa Africa Fintech Accelerator will support up to 40 startups each year through a three-month intensive learning program focused on business growth and mentorship. Upon completing the program, Visa plans to invest capital in select participants and facilitate their commercial launch by providing access to its technology and resources.
Startups from across Africa can apply for the program during two application phases each year, starting in July 2023. In December, Visa announced its intention to invest $1 billion in Africa over the next five years, aiming to scale its operations and strengthen collaborations with key partners, including governments, financial institutions, mobile network operators, fintechs, and merchants.
Alfred Kelly, executive chairman of Visa, stated, “Africa has one of the most exciting and admired fintech ecosystems in the world, bringing outstanding entrepreneurial talent to a young digital-first population that is growing fast.”