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.
