Startups building in fintech and payment space in Africa are encouraged to apply through the Visa website for a chance to access training, connections, technology, and investment opportunities
Cairo, Egypt 18 July 2023: Visa, the leading global payments technology company is now accepting applications for start-ups to participate in the first cohort of the Visa Africa Fintech Accelerator program. The program is focused on startups operating in Africa and will run over 12 weeks twice a year with up to 20 startups per cohort.
Startups up to Series A stage are encouraged to apply through the Visa website for a chance to gain unparalleled expertise, valuable industry connections, cutting-edge technology, and potential investment funding. Applications will close on August 25th and the first cohort will be announced in September.
In line with Visa’s pledge to invest $1 billion in Africa by 2027, the accelerator aims to strengthen Africa’s payment ecosystem through innovations and technologies, focusing on digitizing economies, upskilling talent, and building capacity.
Plug and Play, the world’s leading innovation platform, will serve as the program partner for the Visa Africa Accelerator. Throughout the 12-week program, Plug and Play will deliver valuable content, facilitate access to mentors, arrange one-on-one coaching sessions, and connect startups with a global and regional network of investors.
The Visa Fintech Accelerator is looking for disruptive startups that operate and generate revenue within the African continent. Startups in the following five categories are encouraged to apply:
- Unlocking money movement: Digitizing various payment types (P2P, B2C, B2B, G2C) to create new commerce opportunities, including cross-border remittances and funds disbursements, open banking and account-to-account solutions, mobile money flows and interoperability.
- Embedded finance: Creating advanced intelligence to enhance payment and finance experiences in B2C and B2B commerce models, including installments, flexible financing, consumer loyalty, and Fintech-as-a-Service.
- Empowering merchants and SMEs: Accelerating the growth of merchants and SMEs through digital payment solutions to foster financial inclusion, focusing on next-generation omnichannel payments, digital onboarding, working capital optimization, and merchant value-add solutions.
- Payment infrastructure enablers: Building the base layer of payment infrastructure and key enabling services such as authentication and fraud solutions, digital onboarding and identity management, credit scoring and risk management solutions, and data solutions and insights
- The future of finance: Embracing emerging technologies to revolutionize financial services, such as AI-powered payments, blockchain and enterprise DLT, and programmable money.
- Sustainable and inclusive finance: Enhancing payments technology to contribute to an eco-friendly economy, drive inclusiveness, reduce inequality, and create positive impact through financial services for underserved communities or climate-vulnerable communities and affordable and accessible financial solutions
Commenting on the announcement, Leila Serhan, Visa’s Senior Vice President and Group Country Manager for the North Africa, Levant and Pakistan (NALP) region said, “Through the Visa Africa Fintech Accelerator, Visa is committed to driving financial innovation, fostering entrepreneurship, and supporting the growth of Fintech ecosystems across Africa. This accelerator represents a unique opportunity for Fintech startups to access invaluable resources, mentorship, and potential investment opportunities.”
The application opening was announced at the Seamless North Africa conference, which took place on 17 and 18 July in Cairo under the auspices of the Prime Minister of Egypt H.E. Dr. Mostafa Madbouly hosted by the Central Bank of Egypt.
For more information about the Visa Fintech Africa Accelerator and to apply, please visit this page : africa.visa.com/visa-everywhere/innovation/visa-accelerator.html.
About Visa Inc.
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
About Plug and Play
Plug and Play is the leading innovation platform, connecting startups, corporations, venture capital firms, universities, and government agencies. Headquartered in Silicon Valley with an office in Abu Dhabi, Plug and Play is present in 50+ locations across five continents. Plug and Play offer corporate innovation programs and help their corporate partners in every stage of their innovation journey, from education to execution. They also organize startup acceleration programs and have built an in-house VC to drive innovation across multiple industries where they’ve invested in hundreds of successful companies including Dropbox, Guardant Health, Honey, Lending Club, N26, PayPal, and Rappi. For more information, visit: https://www.plugandplaytechcenter.com/