Visa is launching a fintech accelerator programme for African startups as part of its recent $1 billion pledge to accelerate the deployment of digital payments across the continent.
The Visa Africa Fintech Accelerator will see up to 40 start-ups each year go through a three-month intensive learning programme focused on business growth and mentoring.
Following the programme completion, Visa says it intends to make capital investment in select participating businesses, while accelerating their commercial launch through access to Visa technology and capabilities.
Startups throughout Africa can apply to be part of the programme through two application phases each year, starting from July 2023.
In December, the US payments giant pledged to pump $1 billion in Africa over the next five years, scaling its operations and deepening collaboration with strategic partners including governments, financial institutions, mobile network operators, fintechs and merchants.
Alfred Kelly, executive chairman, Visa, says: "Africa has one of the most exciting and admired fintech ecosystems in the world, bringing outstanding entrepreneurial talent to a young digital-first population that is growing fast."