2023-06-15 13:53:25
Visa (NYSE: V) today announced the launch of the new Visa Africa Fintech Accelerator program to empower Africa’s expanding startup community through knowledge, connections, technology and investment finance. The initiative was presented by Visa’s CEO, Alfred F. Kelly Jr., at the Bloomberg New Economy Gateway Africa, in Marrakech, Morocco.
The Visa Africa Fintech Accelerator will enable up to 40 start-ups each year to accelerate and grow through an intensive three-month learning program focused on business growth and mentorship. Upon completion of the program, Visa intends to further support fintech growth with equity investment in selected participating companies, while accelerating their commercial launch through access to Visa technology and resources.
The launch of the Africa Fintech Accelerator program follows Visa’s recent pledge to invest $1 billion in Africa’s digital transformation and its long-term commitment to advancing the African economy and promoting inclusive growth. Fintech startups from across Africa can apply to be part of the program through two application phases per year, starting in July 2023. With more than 1,000 African Fintech startups participating in the Visa Everywhere Initiative* (VEI) competition ) in 2022, the finalists of this year’s African country editions will be invited to participate in the acceleration program.
“Africa has one of the most exciting and admired fintech ecosystems in the world, bringing exceptional entrepreneurial talent to a rapidly growing, digitally-first young population,” said Alfred F. Kelly Jr., Executive Chairman of Visa, Inc. “Visa has been increasing its investments in Africa for decades and strengthening partnerships across the continent to support the next wave of innovation and growth. Our new Fintech Accelerator will bring experience, connections and investment to the best African fintech startups so they can grow quickly.”
Support to participating fintechs will help to further strengthen the payments ecosystem, accelerating innovations and technologies that offer solutions to challenges unique to the African continent and that can further promote the digitalization of Africa. In line with Visa’s corporate purpose of elevating everyone, everywhere by being the best way to pay and get paid, this support of fintechs across the African continent will facilitate additional opportunities to expand financial inclusion.
“The African fintech community is at the forefront of innovation in payments and connecting more unbanked people with access to the digital economy,” said Otto Williams, Head of Partnerships, Products and Solutions, Central Europe, Middle East and Africa, Visa. “Visa has been working with this innovative community to create new programs and solutions to help fintechs grow, while providing access to Visa’s technology and partner ecosystem. Through the new Visa Africa Fintech Accelerator, we look forward to working with more bright entrepreneurs and companies to shape the future of finance.”
In addition to its $1 billion pledge for Africa, Visa has recently introduced several commercial initiatives and programs to further advance the payments ecosystem in Africa. These initiatives include:
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Establishment of local operations in the Democratic Republic of Congo, Ethiopia and Sudan to help support and strengthen the local financial ecosystem. Visa has 10 offices across Africa from which it supports payments in all 54 countries.
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Opening of Visa’s first Sub-Saharan Africa Innovation Studio in Nairobi, Kenya, to provide a state-of-the-art environment to bring customers and partners together to co-create future-ready payment and commerce solutions.
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Introduce and expand new technologies that help African consumers and merchants make and receive digital payments, such as Tap to Phone, which transforms a simple mobile phone into a point of sale terminal, as well as reducing shipping costs through innovative solutions like Visa Direct.
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Build Visa as the fintech partner of choice, working with innovators and entrepreneurs, including through the Visa Everywhere Initiative program, with dedicated national programs in South Africa, Kenya and Egypt.
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Launching new programs to support women’s empowerment alongside financial partners, including She’s Next, which is bringing funding, mentoring and networking opportunities to women entrepreneurs leading growing SMEs in Egypt, Kenya, Morocco and South Africa.
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Collaboration with partners to promote financial literacy in multiple languages, including the first Arabic version of Practical Money Skills in Egypt.
*Sobre a Visa Everywhere Initiative (VEI)
The Visa Everywhere Initiative is Visa’s global open innovation competition, where startups present their innovative solutions to solve the payment and commerce challenges of the future. The program first launched in the US in 2015 and quickly expanded into a global program. To date, nearly 12,000 startups have applied to the program – many of which now work with Visa or its customers. In addition to cash prizes, VEI winners gain access and exposure to Visa’s extensive partner networks in the banking, commercial, venture capital and government sectors. Winners also benefit from recognition of one of the most trusted and valued brands in the world.
About Visa Inc.
Visa (NYSE: V) is a global leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities in more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that inclusive everyone, everywhere economies value everyone everywhere and view access as critical to the future of moving money. Learn more at Visa.com.
The original language text of this announcement is the official authorized version. Translations are provided as a convenience only and must refer to the original language text, which is the only version of the text that is legally binding.
View the original version on businesswire.com:
Contact:
Constantine Panagiotatos
Global Corporate and North America
[email protected]
+1 6507038675
Lucky Charlie
Sub-Saharan Africa
[email protected]
+27826591674
Jagruti Mistry
North Africa Visa
[email protected]
+971566824213
Source: BUSINESS WIRE
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