As the startup ecosystem in Africa continues to heat up, we see more and more innovative ideas coming to life. Africa has since proven to be a vibrant tech and innovation space with a population bursting with solutions to local problems, but also scalable for the global market. These talents need help and backup in terms of mentorship, funding, networks, and investor exposure.
It is with this in mind that many companies are coming up with ways to support the startups, one of the biggest players being Visa. Yesterday at Sankara Hotel Nairobi, Visa hosted the inaugural demo day for its Africa Fintech Accelerator program, an event that shone the spotlight on emerging fintech innovations from 18 countries across Africa. The program which came to be in June 2023 aims to bolster Africa’s startup ecosystem which is burgeoning by the day as more people float and develop brilliant ideas.
As a well-known global front runner in digital transactions, Visa is quite well placed to have the backs of fintech startups. Among the fintechs that demonstrated yesterday are Duqha from Kenya, Power from Kenya, Workpay from Kenya, OkHi from Nigeria and Eversend from Uganda.
At the event, startups from the inaugural cohort presented their innovations to influential figures within the ecosystem, including funding partners, angel investors, and venture capitalists. The initial program participants were chosen from a pool of over 1,000 applicants spanning various areas of fintech such as merchant payment solutions, lending infrastructure, banking, and B2B marketplaces.
Upcoming startups still have opportunities to present their ideas in future since the Visa Africa Fintech Accelerator program is now accepting applications for its second cohort. Seed to Series A startups operating in Africa and that fall under the following categories are encouraged to apply on the Visa website, with applications open until February 29th.
“Following the success of the inaugural accelerator, Visa is inviting a second round of disruptive startups to apply to the program, in an ongoing effort to support Africa’s growing fintech ecosystem. This unique experience will offer entrepreneurs an opportunity for mentorship and fast-tracked growth, while also providing them access to a wider network of partners and investors.” – Otto Williams, Senior Vice President, Head of Product, Partnerships and Digital Solutions for Visa Central and Eastern Europe, the Middle East, and Africa (CEMEA).