Browsing: African Fintech Accelerator Program

• Nigeria received $1.2 billion in 2022 to fund and support fintech-based startups.
• South Africa led in electronic bank transfers, with 49.1% of respondents selecting their preferred payment methods.
• Kenya took the lead on the best payment automation stem, with 83.4% stating that their B2B payment systems were semi-automatic or fully automatic.

Within the past decade, the world economy has revolutionized into a more digital era. The technological progress of the continent is attributed to the rising technologies, ushering in the fourth industrial revolution. Among these emerging markets is Africa’s fastest and most lucrative economic activity; Fintech.

Africa’s fintech industry has grown exponentially over the past two decades. The endeavours of entrepreneurs and innovators have fueled a new approach to traditional financial systems. Essentially, it has ushered in a new B2B payment system that is reliable, scalable, available and faster.

This new trend met high enthusiasm from several countries within the …

• The Africa fintech accelerator program will be a three-month intensive learning program focusing on business growth and mentoring.
• The AfDB created the Africa Digital Financial Inclusion Facility as a blended finance facility to accelerate digital financial inclusion in Africa.
• The VEI competition in 2022 hosted more than 1000 African fintech startups.

The steady growth of Africa’s fintech companies has caught the attention of various international investors keen on its lucrative potential. New Visa announced the launch of the Africa Fintech Accelerator Program to assist startups in gaining some foothold in the competitive markets. With investors flooding Africa, its fintech industry might become its most profitable economic activity.

Increase Of Digital Innovation

Africa’s digital transformation has taken a turn for the better in terms of innovations and economic growth. Nigeria, Kenya, Egypt and South Africa are prime examples of how shifting to a more digital platform can open vast financial doors. …