Cohort Program

Visa Admits Over 20 African Fintech Startups in Second Accelerator Program Cohort

What’s this about?

  • Visa has selected over 20 African fintech startups for the second cohort of its Africa Fintech Accelerator program, offering them 12 weeks of mentorship, training, and opportunities for funding and development.
  • The second cohort includes startups from 28 African countries, with 65% featuring female leadership, and aims to address challenges in the African fintech landscape such as financial inclusion and digital transformation.
  • The program will conclude with a Demo Day, allowing startups to pitch their innovations to key stakeholders, and building on the success of the first cohort, which reported significant growth and strategic partnerships.

Zoom in…

Visa has announced the startups shortlisted from across Africa to participate in the second cohort of its Africa Fintech Accelerator program.

The accelerator program offers 12 weeks of one-on-one mentorship and personalized training, providing seed to series A startups with exclusive opportunities to access funding, development, and resources.

Context

Cohort 2 startups operate across 28 African countries, a 55% increase from Cohort 1 where the representatives operated across 18 countries. 65% of them feature female leadership, rising from 43% in the inaugural edition.

The program builds on the success of the first cohort, who graduated in February 2024 with an investor week in Nairobi that saw the participation of more than 250 attendees including banking and fintech partners, investors and venture capital firms. The first cohort of startups has since reported positive outcomes from the program, such as increased user growth, product enhancements, funding opportunities, and strategic partnerships with Visa and other industry players.

The selected startups offer a range of solutions, such as neo-banking, merchant payments, credit scoring, risk and identity management, embedded finance, social commerce, escrow services, and more. They aim to address the challenges and opportunities in the African fintech landscape, such as financial inclusion, access to credit, cross-border payments, and digital transformation.

What they’re saying…

At Visa, we believe in uplifting innovation while driving access and inclusion across the financial ecosystem. Today, we are proud to say that our second cohort of Accelerator participants represents more than 50% of countries across Africa, up from a third during our first cohort. Not only that–but women are in leadership roles across the majority of these cutting-edge startups. We have a robust, diverse selection of innovators seeking to shape the future of commerce and finance – and Visa is happy to help them take the next step to where they need to be.” 

Aida Diarra, Vice President, and Head of Sub-Saharan Africa at Visa said the Accelerator program, launched in June 2023, is reflective of Visa’s ongoing efforts to help uplift the digital economy in Africa, including a pledge to invest $1 billion in the continent by 2027 to help revolutionize the payments ecosystem.

The Big picture

The 12-week virtual Accelerator program will conclude with an in-person Demo Day, where startups will have the opportunity to pitch their innovations to key ecosystem players, funding partners, angel investors, and venture capitalists, enabling them to take small steps towards unlocking their full potential.

The Sub-Saharan Africa startups shortlisted for the second cohort of the Visa Fintech Accelerator program for Africa are Chapa (Ethiopia), CheckUps Medical Hub (Kenya), AzamPay ( Tanzania), Beem (Tanzania), Bizao ( Ivory Coast), Hub2 (Ivory Coast), Iwomi Technologies (Cameroon), Proboutik ( Cameroon), Vaultpay (Democratic Republic of Congo), Aku (Nigeria), Cleva (Nigeria), Curacel (Nigeria), E-doc Online (Nigeria), Raenest (Nigeria), Bridgecard (Nigeria) and  Truzo (South Africa). 

Source: africabusinesscommunities.com

TO LEARN MORE ABOUT DIMP, VISIT Program management software for upskilling (dimpified.com)

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button