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Tag: Visa

  • Visa supports four African startups to boost financial inclusion

    Visa supports four African startups to boost financial inclusion

    Visa announced investments in four startups from its inaugural Visa Africa Fintech Accelerator program on Tuesday, November 5. This initiative is a part of Visa’s larger $1 billion commitment to support Africa’s digital transformation, aiming to drive financial inclusion and strengthen the fintech ecosystem across the continent.

    Visa is working to close the gap for millions of Africans without access to official banking services by assisting early-stage fintechs.  

    Read also: EFTCorp, Visa announce 5-year partnership to expand digital payments across Africa

    By supporting early-stage fintechs, Visa is working to bridge the gap for millions in Africa who lack access to formal banking services. The selected startups will receive tailored mentorship, access to Visa’s global network, and the tech tools necessary to scale their innovative solutions. The investment underscores Visa’s belief in the transformative potential of fintech to build resilient, inclusive economies and demonstrates its dedication to Africa’s digital future.

    “These investments mark a substantial step for Visa – we are once again standing behind our commitment to innovation in Africa, helping to shape the future of digital payments alongside some of the brightest fintech minds that the continent has to offer,” said Godfrey Sullivan, Senior Vice President of Products, Partnerships, and Digital Solutions for Visa CEMEA.

    Visa funds four African fintech Innovators

    The digital economy in Africa presents a variety of obstacles, which are addressed by each firm. Oze, a company located in Ghana, offers digital tools and embedded finance solutions for small and medium-sized enterprises (SMEs), including a loan management system for financial institutions that is powered by machine learning. 

    Kenya-based Workpay provides cloud-based HR and payroll solutions in 35 African nations. A smart addressing system for digital address verification is developed by Nigerian startup OkHi, and ORDA delivers cloud-based restaurant management software utilised by over 1,500 restaurants in Nigeria, Kenya, and South Africa.

    Read also: Over 150,000 Nigerians set to benefit from Google’s N2.8b AI training fund

    Visa’s commitment to Africa’s Digital Future 

    Visa’s investments help Africa’s digital revolution. The three-month Visa Africa Fintech Accelerator, launched in 2023, provides mentorship, business training, investment, and strategic alliances to start-ups. The initiative has included 45 African startups.

    For the startups, Visa’s backing represents more than just capital. WorkPay’s Co-Founder and CEO, Paul Kimani, noted: “We are happy to have Visa in our corner. As a trusted leader in digital payments, Visa’s support pushes us toward our goal of delivering innovative solutions and streamlining backend processes for all.”

    Amazon Web Services (AWS) offers free cloud services to program members due to its success. Venture capitalists, angel investors, and potential business partners will attend the second cohort’s Demo Day in Cape Town on December 2. Visa is finalising investments and business ties with program graduates.

  • Visa Partners ThriveAgric to Expand into Kenya

    Visa Partners ThriveAgric to Expand into Kenya

    Visa, a global leader in digital payments, has announced a strategic partnership with ThriveAgric, an innovative agricultural technology company. 

    This collaboration will bolster the agricultural sector in Kenya, where farming remains vital despite its declining share in the national GDP. ThriveAgric plans to establish operational hubs in five key counties: Busia, Homabay, Migori, Nandi, and Narok.

    The partnership seeks to reach and support 10,000 farmers through these hubs with essential training and financial services.

    While facing a diminishing contribution to the GDP, Kenya’s agricultural sector still plays an indispensable role in the economy. Employing over 40% of the population and millions of people is critical in offering sources of livelihood.

    Read also: Visa launches 2.5m grant competition for businesswomen in Kenya

    The hence-launched initiative by Visa and ThriveAgric targets some of these issues, like limited access to modern farming techniques and financial services.

    ThrieveAgric’s Partnership to Set Up Local Hubs

    ThrieveAgric will erect five hubs in counties that have been selected with much care. Each hub will become the focal point for training and financial services for urban and rural farmers. The company is covering different agricultural zones by targeting areas such as Busia, Homabay, Migori, Nandi, and Narok.

    -Busia: Being a diversified agricultural activity county in maise, beans, and sugarcane, a hub in this county will address the needs of farmers by offering them advanced techniques and financial products to elevate their livelihoods.

    -Homabay: A third country whose economy depends on fishing and horticulture. From its hub, ThriveAgric will offer residents training on sustainable best practices to enhance the area’s output and incomes for farmers and fishermen.

    Migori: Its fertile land suitable for tobacco, sugarcane, and maise is a case example that wins considerably from the new farming methodologies and financial services to improve yield and market access.

    -Nandi: Best known for tea and dairy farming, ThriveAgric’s hub will majorly focus on ensuring the optimisation of these two farming sectors through advanced training and financial inclusion in Nandi County.

    -Narok: Wheat and barley production is synonymous with the county. Narok will have a facility to help large-scale grain farmers get a footing in changing market needs and climate conditions.

    Empowering Farmers through training

    One of the cornerstone aspects of this partnership is the provision of training programs tailored to the specific needs of local farmers. ‘ThriveAgric ‘will send its agronomists and experts to each hub to deliver workshops and hands-on training sessions. These will follow broadly similar themes, such as practices in sustainable farming, crop rotation, pest control, and the effective use of water resources.

    These training programs empower farmers to increase productivity, reduce waste, and enhance quality. The kind of empowerment envisioned may thus set off a series of effects that will cure food security, promoting economic stability in these regenerative regions.

    Financial Services for Farmers

    The hubs will also provide farmers with various other financial services that meet their varied needs. Visa provides expertise in digital payments and financial inclusion by making credit, savings, and insurance products available to farmers.

    Among the essential services the farmers seek are credit and savings, other than insurance or any other financial service that can improve their lives.

    Read also: Visa announces 20 startups for second cohort for Africa fintech accelerator

    Introducing digital payments from Visa to ThriveAgric will streamline and digitise its operations, reducing the associated risks of cash handling and inefficiencies. ThriveAgric will lead them toward being a more inclusive financial ecosystem.

    Financially included farmers will boldly invest in their farming activities, eventually leading to better yields and improved incomes.

    The Visa-ThriveAgric partnership will be a massive thing in the future of agriculture in Kenya. Advancing the agriculturalists in the country through setting up hubs in strategic counties for holistic training and financial services for farmers will change many lives.

    Combining all these is recognition that agriculture registers a long history in the contribution to GDP and is the only way of continually supporting millions of households. As Visa and ThriveAgric steam up, the agricultural landscape of Kenya is set to change, parallel to building a much more robust, productive farming community.

  • Visa launches 2.5m grant competition for businesswomen in Kenya

    Visa launches 2.5m grant competition for businesswomen in Kenya

    Visa, a company specialising in digital payments, recently extended its “She’s Next” program to Kenya.

    As part of its mission to help build a more equitable and inclusive world, Visa launched She’s Next to encourage women to start and grow their businesses. Its goal is to provide resources like capital, education, and guidance to women-run small businesses.

    A grant of up to KES 2.5 million is available for women entrepreneurs from any industry and sector who apply. Visa and its partners will provide training and capacity-building sessions to the top applicants in addition to the monetary prizes.

    Read also: Kenya unveils Jitume Digital Hub to equip youths with tech skills

    To apply, interested parties must fill out a brief form on the She’s Next Kenya | Visa website outlining their company. You have until June 12th to apply; we’ll announce the winners in July.

    How Women Have Benefitted Globally from Visa, She’s Next Grant

    More than 250 women entrepreneurs from the United States, Canada, India, Ireland, Ukraine, Kazakhstan, Saudi Arabia, the United Arab Emirates, Egypt, and Morocco have received over $3 million in grants and coaching from Visa since the program’s inception in 2020.

    Three local women entrepreneurs received $10,000 grants from Visa after the program’s August 2023 call for applications from small businesses in India owned and led by women.

    Three Egyptian startups were each given $10,000 in November after winning the second annual She’s Next competition, which was co-hosted by Commercial International Bank (CIB) and Visa. The victors include the apparel label Green Fashion, the health tech company Reme-D, and the shipping service aggregator Fincart. Additionally, USAID extended mentorship opportunities to the top 20 contestants.

    Visa Canada announced the She’s Next Grant Programme winners for the Canadian extension in March. Ten finalists were given $10,000 CAD and access to an expedited mentoring programme through YSpace at York University to support women-owned small businesses.

    With a total of $500,000 in grant funding spanning 64 matches and potentially 32 qualifying countries, Visa, the Worldwide FIFA Women’s Football Partner, announced in mid-2023 the first-ever extension of the prestigious Visa Player of the Match athlete award to support women-owned small businesses (WSMB). As they cheered on the female players at the FIFA Women’s World Cup 2023TM, fans back home could do their part to boost the status of women in business.

    Read also: Google partners with Kenyan authorities on Cybersecurity

    About Visa

    With a presence in over 200 countries and territories, Visa enables digital payments for consumers, businesses, banks, and governments. For the benefit of people, companies, and economies everywhere, the company has consistently ensured they create the most cutting-edge, user-friendly, trustworthy, and secure global payment network. 

    The future of the money movement is based on inclusive economies that lift everyone everywhere and see access as fundamental. Visit Visa.com to find out more.

  • Visa announces 20 startups for second cohort for Africa fintech accelerator

    Visa announces 20 startups for second cohort for Africa fintech accelerator

    Visa has revealed the 20 startups selected for the second cohort of its Africa Fintech Accelerator program.

    This biannual initiative offers a 12-week program of one-on-one mentorship and personalised training for seed to series A startups, aiming to foster financial innovation across the African continent.

    Out of the 20 startups chosen, Nigeria has the most significant representation, with six fintech companies cutting. This reflects the country’s burgeoning fintech ecosystem and its significant contribution to the sector’s growth in Africa.

    Read also: Visa Africa Fintech Accelerator program holds demo day in Nairobi

    “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 also in leadership roles across most 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,” said Aida Diarra, VP and head of Sub-Saharan Africa at Visa.

    Detailed List of Selected Startups

    Here is the complete list of startups, their sectors, and their countries of origin:

    • CheckUps Medical Hub – Kenya – Embedded Finance (Health)
    • AzamPay – Tanzania – B2B Marketplace
    • Beem – Tanzania – Social Commerce
    • Bizao – Ivory Coast – Merchant Payments Solution
    • Hub2 – Ivory Coast – Enabler Infrastructure
    • Iwomi Technologies – Cameroon – Money Movement
    • Proboutik– Cameroon – Merchant Payments Solution
    • Vaultpay – Democratic Republic of Congo – Merchant Payments Solution
    • Aku – Nigeria – Neo-banking
    • Cleva – Nigeria – Money Movement
    • Curacel – Nigeria – Insurance Management
    • E-doc Online – Nigeria – Open Banking
    • Raenest – Nigeria – Money Movement
    • Bridgecard – Nigeria – Enabler Infrastructure
    • Truzo – South Africa – Escrow Services
    • Chapa – Ethiopia – Merchant Solutions
    • DigiPay – Uganda – Digital Payments
    • PayCode – Ghana – Biometric Payments
    • Kuda – Nigeria – Digital Banking
    • Flutterwave – Nigeria – Payment Processing

    Program Expansion and Diversity 

    Launched in June last year, Visa’s Africa Fintech Accelerator program is designed to identify and support promising fintech-focused startups. 

    The second cohort sees a notable expansion, with startups operating across 28 African countries, a significant increase from the 18 countries represented in the first cohort. Additionally, 65% of the startups in this cohort feature female leadership, up from 43% in the inaugural edition, highlighting the program’s commitment to gender diversity and inclusion.

    The selected startups operate across various fintech sectors, including neo-banking, merchant payments, credit scoring, risk and identity management, embedded finance, social commerce, and escrow services. Despite their varied specialisations, all the startups share a common goal of addressing critical issues such as financial inclusion, access to credit, cross-border payments, and digital transformation in Africa.

    Read also: Visa appoints Chad Pollock as new VP for East Africa

    Future Prospects

    While Nigeria leads with the most startups, South Africa has only one representative in this cohort, suggesting room for growth in subsequent rounds. Visa remains committed to fostering innovation and supporting diverse fintech solutions that aim to solve real-world problems across Africa.

    The program’s expansion and the increased diversity in leadership roles underscore Visa’s dedication to driving financial inclusion and empowering the next generation of fintech entrepreneurs. With continued support, these startups are poised to make significant strides in their respective fields, contributing to the overall growth and development of the fintech sector in Africa.

  • Visa appoints Chad Pollock as new VP for East Africa

    Visa appoints Chad Pollock as new VP for East Africa

    Visa, a global leader in digital payments, has recently announced the appointment of Chad Pollock as its new Vice President for East Africa.

    This strategic move underscores Visa’s commitment to expanding its presence and advancing financial inclusion initiatives in the East African region.

     With his extensive experience and expertise in the fintech industry, Chad Pollock is poised to drive Visa’s growth and innovation agenda, fostering stronger partnerships and delivering impactful solutions to meet the evolving needs of consumers and businesses across East Africa.

    Read also: Visa announces Visa Africa fintech accelerator programme

    Chad Pollock’s Background and Expertise:

    Chad Pollock brings a wealth of experience to his new role at Visa, having held key leadership positions in the financial services sector. With a proven track record of driving business growth and fostering innovation, Pollock is well-equipped to spearhead Visa’s operations in East Africa. His deep understanding of the region’s market dynamics, coupled with his strategic vision, positions him as an invaluable asset in advancing Visa’s mission to accelerate the adoption of digital payments and drive inclusive economic growth.

    Prior to joining Visa, Pollock served in various senior executive roles, where he played instrumental roles in shaping the fintech landscape and driving digital transformation initiatives. His keen insights into emerging trends and consumer behaviours have enabled him to develop and implement strategies that drive business value and enhance customer experiences. As the new VP for East Africa, Pollock is poised to leverage his expertise to strengthen Visa’s position as a trusted partner for governments, financial institutions, and merchants in the region.

    Strategic Focus Areas and Growth Opportunities:

    Under Chad Pollock’s leadership, Visa is poised to capitalize on key growth opportunities in the East African market. With a rapidly expanding digital economy and increasing consumer demand for secure, convenient payment solutions, Visa is well-positioned to drive financial inclusion and empower underserved communities. Pollock’s strategic focus areas include expanding Visa’s acceptance network, enhancing digital infrastructure, and fostering innovation through strategic partnerships and collaborations.

    Chipper cash expands partnership deal with Visa

    One of Pollock’s key priorities is to drive the adoption of digital payments among underserved segments of the population, including small businesses, rural communities, and unbanked individuals. By leveraging Visa’s cutting-edge technology and strategic partnerships, Pollock aims to overcome barriers to financial inclusion and empower millions of people to participate in the digital economy. Additionally, Pollock will focus on enhancing Visa’s product offerings to cater to the unique needs of East African consumers and businesses, including innovative solutions for ecommerce, remittances, and financial management.

    Chad Pollock’s appointment as Vice President for East Africa underscores Visa’s commitment to driving growth and innovation in the region’s fintech landscape. With his extensive experience, strategic vision, and passion for driving positive change, Pollock is well-equipped to lead Visa’s efforts in advancing financial inclusion and accelerating the adoption of digital payments across East Africa. As the region continues to embrace digital transformation, Visa remains at the forefront of driving meaningful impact, empowering individuals, businesses, and economies to thrive in an increasingly connected world.

  • Visa Africa Fintech Accelerator program holds demo day in Nairobi

    Visa Africa Fintech Accelerator program holds demo day in Nairobi

    New financial technology companies hailing from eighteen different African nations had their innovations showcased at Visa’s Africa Fintech Accelerator program’s inaugural demo day in Nairobi on February 13th.

    At the event, the startups from the first cohort had the chance to present their innovations to influential members of the ecosystem, as well as funding partners, angel investors, and VCs.

    Read also: Visa Unveils Its First African Innovation Studio in Kenya

    Performance update 

    Effective in June 2023, the programme will provide resources such as knowledge, connections, technology, and investment capital to support the growth of Africa’s startup scene.

    A total of 150 people from a wide range of industries, including B2B marketplaces, lending infrastructure, merchant payment solutions, and banking as a service, were chosen as the inaugural programme participants. Moni, Weego, Duqha, Power, Workpay, OkHi, Eversend, and a slew of other Kenyan and Nigerian fintechs were there on the first demo day. The fintechs present made a total of 23.

    The application period for the second cohort of the programme has begun. Applications are being accepted on the Visa website until February 29th. The programme is open to seed to series A companies based in Africa that meet the following criteria.

    Otto Williams, Senior Vice President, Head of Product, Partnerships and Digital Solutions for Visa Central and Eastern Europe, the Middle East, and Africa (CEMEA), said that 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.”

    Additionally, he mentioned that entrepreneurs will have the chance to receive mentorship, experience rapid growth, and connect with a larger network of investors and partners through this one-of-a-kind experience.

    Startups that have not yet reached Series A should apply for this opportunity to acquire world-class knowledge, influential contacts in the business world, innovative tools, and investment capital.

    The accelerator focuses on digitalising economies, upskilling talent, and building capacity. It seeks to enhance Africa’s payment ecosystem through innovations and technologies. This aligns with Visa’s commitment to invest $1 billion in Africa by 2027.

    Program Details 

    Following its long-term commitment to advancing Africa’s economies and driving inclusive growth, as well as its pledge to invest US$1 billion in Africa’s digital transformation, Visa’s Africa Fintech Accelerator programme was launched.

    Startups will be able to expand with the help of the accelerator’s three-month intensive learning programme, which focuses on company growth and mentoring. As the programme came to a close, Visa pledged to continuously back participating startups with capital investments and offer them access to Visa’s technology and resources to help them launch their businesses faster.

    Anchor is one of five Nigerian companies in the cohort that helps developers integrate and create banking products through APIs, dashboards, and other tools. One such solution is Dojah, which provides a complete KYC and digital onboarding experience; Moni, a platform that offers low-interest loans to communities of mobile money agents; Orda Africa, a provider of cloud operating systems for African restaurants; and Traction, a platform that develops innovative payment solutions and business tools for the future.

    Visa opens applications for its Africa Fintech Accelerator Program

    Four more are Kenyan: OkHi, an address verification tool for banks, fintechs, and businesses; Duhqa, a business-to-business platform for consumer goods retail distribution; Power, which empowers employees to manage their own financial well-being; and Workpay, a provider of HR payroll services.

    In addition to OZÉ, which offers digital recordkeeping tools with integrated financial products to SMEs, The Blu Penguin provides in-store PoS systems, AgroCenta manages a mobile merchant platform for smallholder farmers, and Affinity Africa offers banking products to the unbanked and underserved. Ghana is also represented by four other companies.

    Moroccan startups Chari (business-to-business e-commerce and retail), PayTic (back-office operations and payments risk control platform), and Weego (mobility platform) are among the three finalists. Floatpays, an on-demand platform for accessing wages; Franc lets users invest in top cash and equity funds; and OnLife are the three representatives from South Africa. 

    Sympl (Egypt) and Eversend (Uganda) round out the cohort. Eversend facilitates interest-free, delayed payments for online purchases; PremierCredit (Zambia) offers micro-loans and investments online; and Konnect (T unisia) provides links for making payments through text message, email, Messenger, or WhatsApp. 

  • Visa Accelerator Program fuels African fintech, startups growth

    Visa Accelerator Program fuels African fintech, startups growth

    Visa‘s Accelerator Program has opened doors for business across Africa’s fintech landscape, positioning them for sustainable growth and impact. Over 12 weeks, this initiative has played a pivotal role in nurturing and empowering startups across the continent, facilitating connections, and fostering innovation.

    Visa Africa Fintech Accelerator Program

    The Visa Africa Fintech Accelerator program, conducted virtually, aimed to bolster the growth of fintech startups in Africa. With 23 startups from various African nations comprising its inaugural cohort, the program provided crucial support in terms of expertise, networking opportunities, technological resources, and investment funding.

    Post-program, Visa intends to continue its support for these fintech startups, offering further investment and resources to catalyse their growth and enhance their impact on Africa’s digital economy.

    Read also: Visa announces Visa Africa fintech accelerator programme

    Participants Review: Floatpays CEO, Simon Ward

    In a virtual media interview, Simon Ward, CEO and Founder of Floatpays, shared insights into the African market and his company’s participation in the Visa accelerator. Ward characterised the current African fintech ecosystem as “maturing,” highlighting a growing interest among traditional businesses and banks in partnering with startups to drive innovation.

    According to Ward, “There’s a lot of enthusiasm in partnering with fintechs, which in our sense didn’t exist a while ago. It was very much traditional business and traditional banks, but as we move forward, we’re seeing more of those types of traditional organisations wanting to partner with startups to drive innovation through these ecosystems. It’s definitely a maturing landscape and a very exciting one.”

    Value of Partnerships

    Ward emphasised the significance of partnerships, citing them as a key aspect of Floatpays’ experience in the Visa Accelerator program. Interactions with fellow cohort members provided valuable insights into regional challenges, fostering collaborations and inspiring new business ideas. He said that “meeting the other 22 startups in the group has been extremely valuable to us.” 

    The CEO added that “to understand their challenges, what they’re looking at doing, what Africa means to them in their specific region and potential partnerships which could come from that was fantastic. There are a lot of collaborations and ideas which could actually formulate new business thinking through the program.”

    Visa Unveils Its First African Innovation Studio in Kenya

    Exponential Benefits

    Reflecting on the program, Ward described it as an “exciting few months,” underscoring the transformative impact on participating startups. Direct engagement with Visa offered unparalleled opportunities for product development and financial inclusion initiatives. Moreover, mentorship provided by industry experts facilitated the maturation of startups, equipping them for the next phase of growth.

    Looking ahead, the future appears promising for Africa’s fintech ecosystem. With the momentum gained from initiatives like the Visa Accelerator Program, startups are poised to leverage partnerships, innovation, and investment to drive sustainable growth and impact. As traditional businesses increasingly recognize the value of collaboration with fintechs, opportunities for groundbreaking solutions and market expansion are on the horizon.

  • Visa opens applications for 2nd  Africa Fintech Accelerator Program 

    Visa opens applications for 2nd  Africa Fintech Accelerator Program 

    Visa, a global leader in digital payments, has opened the application process for the second cohort of its Africa Fintech Accelerator program.

    The announcement was made at Fintech Day in Morocco, where industry experts gathered to explore opportunities for enhancing digital payments and financial inclusion in the country. The initiative aims to support Seed to Series A startups operating in Africa, with specific focus areas outlined for potential applicants.

    Read also: Nigerian fintech, Cleva secures $1.5M in pre seed funding

    Application Period and Criteria

    Visa’s Africa Fintech Accelerator program is actively seeking applications from Seed to Series A startups in Africa. The application window is open until February 29th, 2023. Interested startups falling under the following categories are encouraged to apply:

    Unlocking Money Movement: Digitizing various payment types (P2P, B2C, B2B, G2C) to create new commerce opportunities, including cross-border remittances, open banking, mobile money flows, and interoperability.

    Embedded Finance: Enhancing payment and finance experiences in B2C and B2B commerce models, including installments, flexible financing, consumer loyalty, and Fintech-as-a-Service.

    Empowering Merchants and SMEs: Accelerating the growth of merchants and SMEs through digital payment solutions to foster financial inclusion, focusing on omnichannel payments, digital onboarding, working capital optimization, and value-add solutions.

    Payment Infrastructure Enablers: Building the base layer of payment infrastructure and enabling services such as authentication, fraud solutions, digital onboarding, identity management, credit scoring, risk management solutions, and data insights.

    The Future of Finance: Embracing emerging technologies like AI-powered payments, blockchain, enterprise DLT, and programmable money.

    Sustainable and Inclusive Finance: Enhancing payments technology to contribute to an eco-friendly economy, drive inclusiveness, reduce inequality, and create positive impact through financial services for underserved communities.

    Demo Day and Networking

    The program’s first demo day is scheduled for February 13th in Nairobi. During this event, startups from the first cohort will present their innovations to key players in the ecosystem, including funding partners, angel investors, and venture capitalists.

    Success of the First Cohort

    The first cohort of the accelerator program featured startups from over 18 African countries, with a notable presence from Morocco, Egypt, and Tunisia. The selection process shortlisted participants from a pool of over 1,000 applicants. The program demonstrated diversity, with 48% of the startups having a woman founder or a woman in their leadership team.

    Participants from the first cohort shared positive experiences, highlighting the comprehensive guidance and mentorship received. Ayoub Rqibi, COO and co-founder of Paytic Connect, lauded the program for providing invaluable support in clarifying goals, refining business models, and accelerating progress. The program’s network and resources facilitated the formation of strategic partnerships and access to new opportunities.

    FutureBank, Paymentology offer instant virtual card in SA

    Visa’s Investment Pledge

    Visa’s Africa Fintech Accelerator program aligns with the company’s commitment to invest $1 billion in Africa by 2027. This investment is aimed at revolutionizing Africa’s payment ecosystem and bolstering the digital economy.

    Leila Serhan, Senior Vice President, Group Country Manager for North Africa, Levant and Pakistan (NALP), Visa, emphasized the program’s role in supporting Africa’s fintech ecosystem. She stated, “This unique experience will offer entrepreneurs an opportunity for mentorship and fast-tracked growth, while also providing them access to a wider network of invaluable partners and investors.”

    As the fintech landscape in Africa continues to evolve, Visa’s accelerator program stands as a catalyst for innovation, collaboration, and sustainable growth in the region’s digital economy. Startups with groundbreaking solutions are encouraged to seize this opportunity to contribute to the transformation of Africa’s financial technology landscape.

  • Copia Global, Visa sign 5-year fintech, e-commerce deal in Africa

    Copia Global, Visa sign 5-year fintech, e-commerce deal in Africa

    In a landmark development, Copia Global, a leading Kenyan E-commerce and Fintech startup, has entered into a transformative five-year partnership with global digital payment giant Visa. This strategic alliance not only signifies a significant milestone for both companies but also holds the potential to reshape the landscape of financial technology (fintech) and E-commerce in Africa.

    This collaboration with Visa marks a turning point for Copia Global. Visa, a global payment services provider, has expanded its services to accommodate fintech and web3 features, making this partnership a pioneering venture in the convergence of E-commerce and financial technology.

    Read also: Copia Global adds John Lazar as member of Board of Director

    Beyond Financial Services: Integration with Copia’s Super App

    Visa’s involvement goes beyond conventional financial collaborations. The partnership will integrate Visa’s services with Copia’s super app, offering users a comprehensive suite of features, including digital wallets, shopping, payment gateways, and various financial services. This move is set to enhance user experience and accessibility.

    Empowering Users with Flexible Solutions

    With the integration of Visa’s services, Copia Global users will benefit from flexible payment options, including a “Buy Now Pay Later” credit feature and a “Save Now Buy Later” savings option. The partnership aims to empower users with enhanced financial services, allowing them to build credit scores and access additional perks through Visa’s loyalty services.

    Financial Inclusion and Remittances

    The collaboration extends beyond local borders, enabling diaspora natives to remit funds directly into the Copia wallet. Evelyn Wangari, Director of Financial Services at Copia Global, emphasizes the partnership’s potential to bank the unbanked and address financial inclusion for the mass market in Africa.

    Pioneering Digital Transformations in Kenya

    Copia Global, founded in 2013 by Tracey Turner and Jonathan Lewis, stands as a beacon in Africa’s digital transformations. The Kenyan region has long been recognized as a hub for innovative web3 ecosystems, and Copia Global has been at the forefront of this movement. With a focus on Business-to-Customer (B2C) services, the startup has allowed customers to seamlessly order goods through mobile technologies, agents, and logistics channels.

    Since its inception, Copia Global has demonstrated strategic growth, raising an impressive $83.5 million through Series funding. Notable investors, including Zebu Investment Partners, the U.S. International Development Finance Corporation (DFC), Koa Labs, Lightrock, DEG, and Perivoli Innovations, have played pivotal roles in supporting the organization’s journey.

    Innovative Marketing Approach

    Copia Global’s success lies not only in its technological advancements but also in its innovative marketing approach. The company has expanded its network by recruiting small business owners with strong customer-business relationships, who wear branded Copia uniforms and act as local ambassadors for the platform.

    Visa’s Perspective: Enabling Financial Services

    Eva Ngigi-Sarwari, Visa Kenya Country Manager, highlights how Copia’s E-commerce platform provides an ideal springboard for Visa to bring financial services to the mass market. The partnership is poised to leverage Copia’s extensive network for contactless payments, remittances, and loyalty solutions.

    Copia halts Uganda operations due to economic downturn

    Copia’s Vision for the Future

    Copia Global’s CEO, Tim Steel, envisions that the partnership with Visa will have a profound impact, not only on the company but on millions of lives. The aim is to provide unparalleled access to digital financial services, positioning Copia as a one-stop-shop for all underserved people customers in Africa.

    Transformative Potential

    As fintech and E-commerce continue to converge, this partnership has the potential to transform Africa’s stance in the global digital financial industry. If successful, it could open new markets for Copia Global, setting a precedent for similar collaborations in the region.

    The strategic alliance between Copia Global and Visa represents a groundbreaking moment in the realms of fintech and E-commerce in Africa. The convergence of these two sectors not only signifies technological advancement but also holds the promise of financial inclusion, empowerment, and transformative growth for millions across the continent. As this partnership unfolds, it sets a precedent for future collaborations, heralding a new era in Africa’s digital economic landscape.

  • Visa lists five security habits for safe shopping

    Visa lists five security habits for safe shopping

    As the holiday season approaches, scammers are likely to use new technologies to steal people’s information. 

    Criminals are taking advantage of shoppers who let down their guard in search of the right gift for their loved ones as they spend more money. Indeed, Visa’s data showed that fraud rates rose 11% during the 2022 Christmas season.

    Visa has put together a list of 5 security habits that people can use all year long to keep themselves safe when they shop:

    Read also: Amazon plans to establish South African internet shopping by 2024

    Visa’s 5 Shopping Safety Tips:

    Shop at Reliable Stores: Only buy from stores that you know and trust. If you want to buy something from a place you haven’t been to, find out about their reputation and make sure they’re real.

    Protect your private data: Check that the website uses safe technology. The site should start with “https: //” when you’re at the checkout. Yes, your information is being sent over a safe link since the “s” stands for “secure.”

    Always Look at the Details in the OTP Message: Before entering the OTP, make sure you know what it’s for (for example, is it to buy something or get a device token) and look over the purchase details, like the name of the seller and the amount of the transaction. Finally, don’t tell anyone your OTPs over the phone, email, or chat.

    Avoid Public Wi-Fi for Shopping: Public Wi-Fi networks are often unsecured, which makes it easier for hackers to steal your information. Shop online only through a private, safe link.

    Watch Out for Deals That Seem Too Good to Be True: Deals on websites and in emails you didn’t ask for can sometimes sound too good to be true, especially when they offer low prices on things that are hard to get. Like most deals, this one should make people cautious.

    ClozetSales’ Chikere Onyinyechi promotes thrift shopping with tech

    Important report outcomes:

    Phishing and Social Engineering: The data year’s AI advances allow threat actors to create highly tailored phishing campaigns, making fakes hard to spot. Fraudsters utilise malvertising and illicit SEO on retail and service websites to lead consumers to phishing sites.

    Provisioning Fraud and OTP Bypass: Visa detected many cardholder account access methods. OTP templates are sent to consumers for planned purchases.

    Physical Theft: Threat actors may sneak payment cards and phones from unsuspecting customers in crowded businesses, malls, and parking lots.