As part of its long-term commitment to advancing Africa’s economies and driving inclusive growth, the world's leading digital payments, Visa has announced a $1 billion initiative, Africa Fintech Accelerator Program to support Africa’s Fintech start-ups and entrepreneurs

Recently, the region has witnessed a remarkable surge in entrepreneurial activities, with start-ups emerging as key drivers of economic growth and agents of change by harnessing innovation, leveraging technology, addressing socio-economic challenges as well as creating jobs, and fostering sustainable development.

Some of the leading fintech start-ups in the continent include, among others, South Africa's JUMO with $267 million in funding to date, Nigeria's Opay which has attracted $570 million in investments to date, and Ghana's Chippercash with $302.6 million in investments, as of June 2023.

📊 African fintech startups maintained their funding lead in 2022
After several years over year and quarter over quarter, the African Fintech sector continues to represent the majority of funding raised on the continent in 2022. Yet in what happens to be the first time since at least early 2019, it briefly gave up the first place to Logistics & Transportation

Visa's Africa Fintech Accelerator will enable up to 40 start-ups each year to accelerate and grow through a three-month intensive learning program focused on business growth and mentoring. Following the program completion, Visa intends to further support fintech growth with capital investment in select participating businesses, while accelerating their commercial launch through access to Visa technology and capabilities.

In the past, the firm has launched several programs to further advance the payments ecosystem in Africa. For example, it unveiled the first dedicated Visa Sub-Saharan Africa Innovation Studio in Nairobi and established local operations in the Congo, Ethiopia and Sudan to help support and strengthen the local financial ecosystem.

African fintech startup funding dropped by 58% in Q3 2022
African fintech startups have always taken the lion share when it comes to funding in the African tech ecosystem. However, data from CB Insights suggests that investments in the sector have dropped significantly in Q3 2022. In the second quarter of 2022, funding for startups across various regions…

It also introduced and expanded new technologies that help African consumers and merchants make and receive digital payments, such as Tap to Phone to turn a simple mobile phone into a point-of-sale terminal, as well as lowered remittance costs through innovative solutions like Visa Direct.