As expected, Visa Africa’s Fintech Accelerator program held its first-ever demo day on February 13th. The demo day was held in Nairobi, Kenya.
Launched in June last year, the fintech accelerator program, which aims to “enable Africa’s expanding startup community by bringing expertise, connections, technology, and investment funding”, had picked its first cohort of emerging fintech startups that paraded their wares at the demo day having made it to a shortlist culled from a pool of over 1,000 applications that were received from its first call for applications.
The fintech startups that pitched at the demo day in Nairobi came from 18 African countries and were drawn from diverse subsectors including merchant payment solutions, lending infrastructure, Banking-as-a-Service, and B2B marketplaces.
Some of the fintech startups that took part included Duqha (Kenya), Power (Kenya), Workpay (Kenya) OkHi (Nigeria) and Eversend (Uganda), among others.
Workpay provides a payroll processing platform that includes a robust mobile app that HR practitioners can get from the Google Play Store. Power also has an accessible mobile app on the Play Store and, in addition to those who are formally employed, targets gig workers and helps all of them to access various services including savings, insurance, credit facilities and the like. Duqha connects retailers with suppliers and manufacturers, offering them an app to do so. Eversend allows users to send and receive money as well as pay for services online using virtual debit cards in various currencies through its app.
During the demo day, the aforementioned startups pitched to key ecosystem players, funding partners, angel investors, and venture capitalists.
Subsequently, Visa has announced that it has opened the second round of applications for the program looking for the next cohort. As was the case last year, startups in their Seed and Series A phase looking to become part of the accelerator program by Visa can submit their applications through the Visa website. The same categories as those from last year (see more details here) will be considered.
“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,” Otto Williams, Senior Vice President, Head of Product, Partnerships and Digital Solutions for Visa Central and Eastern Europe, the Middle East, and Africa (CEMEA) is quoted saying in a press statement.
About 2 years ago, Visa opened its sixth innovation studio (and its first in Africa) in Nairobi.
The company has pledged an investment to the tune of USD 1 billion in Africa over the next five years “to advance resilient, innovative, and inclusive economies across the continent”.
Featured image source: Nixon Kanali
