Digital payments company, Visa, is set to roll out a $1 billion initiative named Africa Fintech Accelerator program.
According to Visa, the initiative is part of the company’s efforts to spur economic growth in Africa.
Making the announcement, Visa stated that the program will target fintech start-ups and entrepreneurs in the continent with an aim of supporting their growth.
According to the digital payment company, the program will help upto 40 African fintech start-ups very year by providing mentorship and training.
Additionally, Visa will provide capital to select businesses and further accelerate their commercial launch using Visa technologies.
The ultimate goal, Visa states, will be to expand financial inclusion across the continent through fast tracking new innovations that provide solutions to challenges that are unique to Africa.
Boost for Africa Fintech Startups
Visa Executive Chairman, Alfred F. Kelly expressed his optimism in the program noting that it would help to support Africa’s innovations at a time when the continent has huge potential in the fintech ecosystem.
“Africa has one of the most exciting and admired fintech ecosystems in the world, bringing outstanding entrepreneurial talent to a young digital-first population that is growing fast,” the Executive Chairman noted.
“Our new Fintech Accelerator will bring expertise, connections, and investment to Africa’s best fintech start-ups so they can grow at scale.”
Visa’s Head of Partnerships, Products and Solutions in Central Europe, Middle East, and Africa, Otto Williams heaped praise to the innovations in Africa’s fintech ecosystem.
According to him, Visa intends to further partner with players in the payment sphere to “shape the future of money.”
“Visa has been working with this innovative community to create new programs and solutions to help fintechs scale, while giving access to Visa’s technology and partner ecosystem,” he stated.
After rollout, the Africa Fintech Accelerator program will be an extension of Visa’s investments in Africa.
Other notable investments by Visa include a Visa Sub-Saharan Africa Innovation Studio, in Nairobi, Kenya, the establishment of local operations in Sudan, Ethiopia and the Democratic Republic of Congo (DRC)- among others.