Summary
- Duqha, Power, and Workpay from Kenya showcased groundbreaking solutions at Visa’s Africa Fintech Accelerator Program’s first Demo Day.
- The event featured startups from 18 African countries, including OkHi from Nigeria and Eversend from Uganda, showcasing the diverse and innovative nature of Africa’s fintech ecosystem.
- Visa’s Africa Fintech Accelerator Program is accepting applications for its second cohort, targeting Seed to Series A startups across Africa.
Visa hosted its first Africa Fintech Accelerator Program’s Demo Day in Nairobi, featuring innovations from emerging fintech startups across 18 African countries. Launched in June 2023, the program seeks to expand Africa’s expanding startup community by providing expertise, connections, technology, and investment funding.
The event brought together key ecosystem players, funding partners, angel investors, and venture capitalists to witness the first-cohort startups showcase their diverse innovations. These startups, selected from over 1,000 applicants, spanned various subsectors such as merchant payment solutions, lending infrastructure, Banking-as-a-Service, and B2B marketplaces.
Kenyan startups took center stage during the Demo Day, with Duqha, Power, and Workpay showcasing their solutions. Duqha focuses on digitizing various payment types to create new commerce opportunities, while Power and Workpay aim to accelerate the growth of merchants and SMEs through digital payment solutions, fostering financial inclusion.
The event also featured other notable fintechs, including OkHi from Nigeria and Eversend from Uganda, each presenting unique solutions.
Applications for Second Cohort
Visa’s Africa Fintech Accelerator Program is now accepting applications for its second cohort, targeting Seed to Series A startups operating in Africa. The program encourages applications falling under categories like unlocking money movement, embedded finance, empowering merchants and SMEs, payment infrastructure enablers, the future of finance, and sustainable and inclusive finance.
Addressing this, Otto Williams, Senior Vice President, Head of Product, Partnerships, and Digital Solutions for Visa CEMEA, said, “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.”
Program Details
All applicants undergo a two-round screening process. The first round reviews applications for program alignment, existing traction, founding team, and proposed synergies with Visa. Shortlisted startups participate in virtual interviews, and finalists are notified ahead of the program kickoff.
Unlike the Visa Everywhere Initiative (VEI), the Africa Accelerator is a 3-month program with more engagement and requirements. Selected startups are expected to actively participate in tailored mentorship, training, and exercise sessions throughout the 3-month period.
The accelerator program is delivered in a hybrid format over 3 months. It includes an onboarding week, 10 virtual focus weeks, an investor week, and an in-person Demo Day. Additional in-person events, such as city meetups or regional gatherings, may be organized during the program’s duration.
Visa Accelerator Program Benefits
The program offers numerous benefits, including tailored knowledge and expertise, 1:1 mentorship, Visa-specific training, funding opportunities, partnership opportunities, and product perks. Startups participating in the program gain access to a comprehensive curriculum covering product design, marketing, finance, sales, and more.
For more information about the Visa Africa Fintech Accelerator and to apply for the second cohort, visit Visa Accelerator Program.
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