Today, February 13th, 2024, marked a significant leap forward for fintech innovation across Africa, as the Visa Africa Fintech Accelerator program culminated its first cycle with an impressive Demo Day in Nairobi. The event showcased the groundbreaking solutions of 23 fintech startups, selected from a competitive pool of over 1,000 applicants, underlining the burgeoning potential within Africa’s digital payments ecosystem.
Visa, a global leader in digital payments, has been at the forefront of this initiative, providing unparalleled support to the participating startups. The program, launched in June 2023, is designed to bolster the African startup community by offering one-on-one mentorship, personalized training, and crucial networking opportunities with investors and key ecosystem players.
The Demo Day event provided a platform for the first cohort of startups from 18 African countries to present their innovative solutions to a gathering of funding partners, angel investors, and venture capitalists. The diverse range of fintech solutions presented included merchant payment solutions, lending infrastructure, Banking-as-a-Service (BaaS), and B2B marketplaces, signaling a bright future for financial services in the region.
Among the participating startups were notable names such as Duqha, Power, and Workpay from Kenya, OkHi from Nigeria, and Eversend from Uganda. These companies have not only benefited from the program’s mentorship and training but also gained valuable exposure to potential investors and partners, setting the stage for their next growth phase.
The success of the inaugural Demo Day has paved the way for the program’s second cohort, with applications open until February 29th. Visa continues to seek disruptive startups in categories such as unlocking money movement, embedded finance, empowering merchants and SMEs, payment infrastructure enablers, the future of finance, and sustainable and inclusive finance.
Otto Williams, Senior Vice President, Head of Product, Partnerships and Digital Solutions for Visa CEMEA, reiterated Visa’s commitment to nurturing the fintech ecosystem in Africa. He emphasized the unique opportunities the accelerator program offers to entrepreneurs, including mentorship, accelerated growth, and access to a broad network of partners and investors.
The Visa Africa Fintech Accelerator program represents a significant investment in the future of financial services in Africa, aiming to foster innovation, drive financial inclusion, and support the continent’s economic growth. As the program opens its doors to a new cohort, the potential for transformative fintech solutions in Africa has never been more promising. Entrepreneurs looking to be part of this exciting journey towards redefining financial services in Africa are encouraged to apply for the second cohort of the Visa Africa Fintech Accelerator program.
