According to a study by consulting firm McKinsey, "African fintech revenues could reach eight times their current value by 2025, compared to 2020, reaching $30 billion. Fintech has already established itself as the most attractive investment segment in the African tech landscape". These significant volumes speak volumes about the place of fintechs in this new digital context. To play its part, Visa has announced the launch of the new Visa Africa Fintech Accelerator program to support Africa's growing start-up community with expertise, connections, technology and investment funding.
Visa pledges to invest $1billion in Africa’s digital transformation
The initiative was introduced by Alfred F. Kelly Jr, executive chairman of Visa, at Bloomberg New Economy Gateway Africa in Marrakech, Morocco. According to the statement, the Visa Africa Fintech Accelerator will enable up to 40 start-ups each year to accelerate and grow through a three-month intensive learning program focused on business growth and mentoring. Following the program completion, Visa intends to further support fintech growth with capital investment in select participating businesses, while accelerating their commercial launch through access to Visa technology and capabilities, it added. The Executive Chairman of Visa said the launch of the program follows Visa’s recent pledge to invest $1 billion in Africa’s digital transformation and its long-term commitment to advancing Africa’s economies and driving inclusive growth.
“Africa’s fintech community is at the forefront of payments innovation and connecting more of the unbanked with access to the digital economy »
Fintech startups throughout Africa can apply to be part of the program through two application phases each year, starting from July 2023. Otto Williams, head of partnerships, products and solutions for Central Europe, Middle East and Africa at Visa said Africa’s fintech community is at the forefront of payments innovation and connecting more of the unbanked with access to the digital economy. In fact, according to Disrupt Africa, fintech remained the most funded startup sector in 2022, accounting for 42% of the amount raised by startups.