Visa has announced that it has started accepting applications from start-ups seeking to take part in the first cohort of the Visa Africa Fintech Accelerator program.

The program by the leading global payments technology firm targets startups that operate in Africa and will run over 12 weeks twice a year and will host up to 20 startups per cohort.

Startups up to Series A stage can apply on the Visa website for an opportunity to access expertise, industry connections, cutting-edge technology, and potential investment funding.

The applications window will close on August 25, 2023 with the first cohort of the Visa Africa Fintech Accelerator program expected to be announced in September this year.

The accelerator program seeks to boost Africa's payment ecosystem through innovations and technologies that focus on digitizing economies, upskilling talent and capacity building.

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Visa says the initiative is part of its commitment to invest $1 billion (an equivalent of about Sh141.6 billion) in Africa by 2027.

Plug and Play will be the program partner and will facilitate content, access to mentors, one-on-one coaching sessions and connect startups with a regional and global pool of investors.

The Visa Fintech Accelerator is seeking disruptive startups that operate and generate revenue in Africa and is encouraging startups in the following six categories 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.

Visa CEMEA Senior Vice President, Head of Product, Partnerships and Digital Solutions Otto Williams says the accelerator provides Fintech startups with a unique chance to get valuable resources, mentorship and potential investment opportunities.

“Through the Visa Africa Fintech Accelerator, Visa is committed to driving financial innovation, fostering entrepreneurship, and supporting the growth of Fintech ecosystems across Africa,” said Williams.

For more information on the Visa Fintech Africa Accelerator and to apply, visit:

www.africa.visa.com/visa-everywhere/innovation/visa-accelerator.html