Leaders in the world's digital payment industry, Visa Inc. has announced the launch of the Visa Africa Fintech Accelerator Program, aiming to promote growth in Africa's startup ecosystem by providing experience, connections, technology, and investment funding. Visa's Chairman Board of Directors, Alfred F. Kelly Jr., announced the launch at the first Bloomberg New Economy Gateway Africa Forum in Morroco, North Africa. Visa believes its time for Africa to achieve its economic growth potential.
Visa looks to harness the exceptional entrepreneurial talent in Africa. Hence, through the Accelerator program, each year, Visa will seek to enable about 40 startups to accelerate and grow under a three-month intensive learning program. After the course of the program, participating startups should help strengthen the fintech ecosystem in Africa through first-class innovative solutions. For instance, inspired by the program, Nigerian startups should be able to improve the quality of living for many in the Nigerian community by tackling the country's limitations and challenges in the financial industry.
The payment giants seemingly have a strong belief and admiration for Africa's financial ecosystem, as last year, Visa pledged to invest 1 billion dollars in Africa over five years to scale operations. The program represents Visa's commitment to pushing Nigeria's and Africa's startups into realizing its best capabilities and ultimately leading the forefront of growth and innovation in the global fintech ecosystem.
Focus Box
Company Name: Visa Inc.
Industry: Banking, Financial Services
Founded: 1958
CEO: Ryan Mclnerney
Funding raised: N/A
Revenue: $29.31 Billion (2022)
Customer base: 737 million
Key countries: United States, Rest of the World
