Visa selects over 20 African fintech startups for 2nd accelerator program

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Visa, the global leader in digital payments, has announced that shortlisted startups from across Africa will be joining the second batch. Africa Fintech Accelerator Program.

As part of Visa’s commitment to unleashing financial innovation across the continent, the bi-annual program provides 12 weeks of one-on-one mentorship and personalized training, providing access to funding, development and resources for seed to Series A startups. Providing you with exclusive access.

Cohort 2 startups operate in 28 African countries, a 55% increase in representation compared to Cohort 1, which had operations in 18 countries. 65% of them feature female leadership, up from 43% in the first edition.

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The selected startups offer a wide range of solutions including neobanking, merchant payments, credit scoring, risk and identity management, embedded finance, social commerce, and escrow services. They aim to address the challenges and opportunities in Africa’s fintech landscape, including financial inclusion, access to credit, cross-border payments and digital transformation.

Aida Diarra, Vice President and Head of Sub-Saharan Africa at Visa, said: “At Visa, we believe in fostering innovation while promoting access and inclusion across the financial ecosystem. We currently have a second group of accelerator participants representing more than 50% of all African countries. Not only that, but we’re proud that the majority of these cutting-edge startups have women in leadership roles, up from one-third in Group 1. We have a strong and diverse group of innovators who are shaping the future of commerce and finance, and Visa is excited to help them take the next step towards where they need to be.”

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The accelerator program, launched in June 2023, will help improve Africa’s digital economy, including a pledge to invest $1 billion in the continent by 2027 to support a revolution in the payments ecosystem. This reflects Visa’s continued efforts.

The 12-week virtual accelerator program concludes with an in-person demo day. There, startups have the opportunity to pitch their innovations to key ecosystem players, funding partners, angel investors and venture capitalists, allowing them to take small steps towards unlocking . Maximize their potential.

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The program builds on the success of the first cohort, who graduated in February 2024 by participating in an investor week in Nairobi with over 250 participants, including banking and fintech partners, investors and venture capital firms. Startups from the first cohort have since reported positive outcomes from the program, including increased users, product enhancements, funding opportunities and strategic partnerships with Visa and other industry players.

Brian Dempsey, founder and CEO of Power, a Kenyan startup that provides partner employees who joined the first cohort with access to short- and long-term financing, investment opportunities and insurance products. , commented as follows. As a business. Each week, I was able to engage multiple team members on topics that were critical to our growing business, including HR, finance, governance, and go-to-market strategy. The quality of mentors and speakers is top-notch, and the accelerator team is always available when you need them. ”

The sub-Saharan African startups shortlisted for the second round of the Visa Fintech Accelerator for Africa program are:

• dish – Ethiopia – Merchant Solutions
• CheckUps Medical Hub – Kenya – Embedded Finance (Health)
• Azam Pay – Tanzania – B2B Marketplace
• wood – Tanzania – Social Commerce

• Bizao – Ivory Coast – Merchant Payment Solutions
• hub 2 – Ivory Coast – Enabler Infrastructure
• Iwomi Technologies – Cameroon – Money movements
• professional boutique – Cameroon – Merchant Payment Solutions
• Vault Pay – Democratic Republic of the Congo – Merchant Payment Solutions
• myself – Nigeria – Neobanking

• Ceva – Nigeria – Money movement
• Curacell – Nigeria – Insurance Management
• E-doc online – Nigeria – Open Banking
• Renest – Nigeria – Money movement
• bridge card – Nigeria – Enabler Infrastructure
• Torzo – South Africa – Escrow services

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