Visa announced the selection of over 20 African fintech startups for the second cohort of its Visa Africa Fintech Accelerator program. This biannual program offers a 12-week intensive virtual journey designed to equip early-stage ventures with the tools they need to thrive.
Focus on Growth and Inclusivity
The program provides participating startups, which range from seed to Series A funding stages, with personalized mentorship, practical training, and valuable connections. This year’s cohort boasts a wider geographical reach, with startups hailing from 28 African countries, reflecting a 55% increase from the inaugural program. Additionally, 65% of the selected startups have women in leadership positions, showcasing a rise in female-led innovation within the African fintech space.
The participating startups offer a diverse range of solutions, tackling critical issues in African fintech. From neo-banking and merchant payment solutions to credit scoring, risk management, and embedded finance, these ventures aim to bridge the financial inclusion gap, improve access to credit, streamline cross-border payments, and accelerate digital transformation across the continent.
“Visa is dedicated to fostering innovation and promoting financial inclusion across the African financial ecosystem,” said Aida Diarra, Vice President and Head of Sub-Saharan Africa at Visa. “We’re excited to welcome this dynamic group of entrepreneurs, representing over half of Africa’s nations. With a strong presence of female leadership, this cohort embodies the future of African commerce and finance, and Visa is proud to support their growth journey.”
This initiative aligns with Visa’s broader commitment to Africa’s digital economy. The company has pledged to invest $1 billion in the continent by 2027, with the aim of revolutionizing the payments landscape.
Program Culmination and Early Success
The program concludes with a live Demo Day, where startups will showcase their innovations to a distinguished audience of industry leaders, potential investors, and venture capitalists. This event serves as a crucial platform for early-stage ventures to secure funding and establish strategic partnerships.
The Visa Africa Fintech Accelerator program builds on the success of its first edition, which culminated in February 2024. Graduates of the inaugural program reported significant progress, including increased user bases, product enhancements, secured funding opportunities, and forged partnerships with Visa and industry stakeholders.
The Sub-Saharan African startups selected for the second cohort include:
- Chapa (Ethiopia)
- CheckUps Medical Hub (Kenya)
- AzamPay (Tanzania)
- Beem (Tanzania)
- Bizao (Ivory Coast)
- Hub2 (Ivory Coast)
- Iwomi Technologies (Cameroon)
- Proboutik (Cameroon)
- Vaultpay (Democratic Republic of Congo)
- Aku (Nigeria)
- Cleva (Nigeria)
- Curacel (Nigeria)
- E-doc Online (Nigeria)
- Raenest (Nigeria)
- Bridgecard (Nigeria)
- Truzo (South Africa)