Visa has welcomed 22 startups from across Africa to its fintech accelerator program. This 12-week program provides mentorship, training, networking opportunities, and access to funding for the fintech startups. These startups, representing diverse solutions, will embark on the program, which aims to boost the continent's financial landscape.
Financial Innovation across Africa
Leila Serhan, Visa's Vice President and Group Country Manager for North Africa, Levant, and Pakistan, said in a statement on Zawya: "At Visa, we believe in uplifting innovation while driving access and inclusion across the financial ecosystem. Today, we are proud to say that our second cohort of Accelerator participants represents more than 50% of African countries, up from a third during our first cohort."
"Not only that–but women are in leadership roles across the majority of these cutting-edge startups. We have a robust, diverse selection of innovators seeking to shape the future of commerce and finance – and Visa is happy to help them take the next step to where they need to be."
Unveiled in Cairo, Egypt, Visa's Cohort 2 has a 65% representation of female-led startups. Selected from 28 African countries, these companies offer various solutions, from neo-banking to social commerce, poised to address the pressing challenges and opportunities in Africa's fintech ecosystem.
In-person Demo Day
The program will culminate in an in-person Demo Day, during which startups will showcase their innovations to key stakeholders, investors, and venture capitalists.
Recently, Visa finalized an agreement with US merchants, capping swipe fees for the next five years. After years of legal disputes, this settlement aims to resolve a longstanding disagreement with merchants, particularly small businesses. Kimberly Lawrence, Visa's North America President, emphasized the importance of directly addressing small businesses' concerns, acknowledging the pivotal role they play in the economy.
Additionally, the UK's payments regulator recently raised concerns about the steep fee hikes imposed by Visa and Mastercard on retailers, claiming a lack of competitiveness in the payment card market. Despite the substantial increase in fees, the regulator said there is reportedly little evidence that these costs have led to better services.
However, Visa defended its fees by highlighting the value it provides through security and operational resilience. Similarly, Mastercard disputed the claims, arguing that the payments industry is highly competitive, with numerous options available to consumers.
