2023-11-15 11:41:37
In June 2023, the giant Visa announced an unprecedented initiative: it consists of supporting entrepreneurs and startups in fintech in Africa, by offering training, connections, technologies and investment opportunities to a maximum of 40 fintech every year. Dubbed “Visa Africa Fintech Accelerator Program,” this initiative, which aims to help the growing African startup community, was presented by Visa Executive Chairman Alfred F. Kelly Jr. at Bloomberg New Economy Gateway Africa in Marrakech. “Our new acceleration program will bring expertise, access to a network of experts and investments to the best African fintechs so that they can develop on a larger scale,” declared Alfred F. Kelly Jr.
$1 million in investments projected
By 2027, Visa plans to invest $1 billion in financial services in Africa to advance the continent’s economy and drive inclusive growth. In this context, Visa launched this acceleration program which supports up to 40 startups each year.
This four-month intensive program focuses on business growth and mentoring. Upon completion of the program, Visa intends to further support fintech growth by investing capital in select participating companies, while accelerating their commercial launch through access to Visa’s technology and capabilities. Since this year, all African startups operating in financial services can apply for the program. These are selected following a series of rigorous interviews conducted by Visa teams in partnership with Plug & Play.
Chari among the lucky ones
From thousands of applications received, Visa selected 23 startups from 9 African countries to be part of the first cohort of the program. In this list, the flag of Morocco is carried by 3 startups: Chari, Weego and PayTic Connect.
“It is an honor for us to represent Morocco in the very first cohort of the Visa Fintech Accelerator Program. The various opportunities offered by the Visa Africa Fintech Accelerator Program rhyme perfectly with our ambitions. We want to contribute to improving financial inclusion in Morocco while capitalizing on our existing activity in e-commerce dedicated to B2B. We are delighted to benefit from the support and support of a giant like Visa,” underlines Sophia Alj, co-founder of Chari, a startup founded in 2020 with Ismael Belkhayat.
Sami Nemli / ECO Inspirations
1700065157
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