Having previously explored how the Visa African Fintech Accelerator was helping its cohort, we now turn our attention to the program’s organiser, Visa, and the impact it is looking to have in the Middle East and Africa (MEA) region.
In July 2023, Visa launched its Africa Fintech Accelerator, a 12-week virtual program to assist fintech startups in scaling their operations across the African continent.
In its inaugural edition, the accelerator featured 23 startups from different parts of Africa. Each company received personalised mentoring from industry experts and gained valuable insights through connections with key stakeholders in the ecosystem, including Visa’s partner, Plug and Play.
To get a better understanding of Visa’s vision in MEA and what it expects, we sat down with Hasan Kazmi, head of digital partnerships and ventures at Visa.
Understanding the fintech sector in MENA
Speaking to Mark Walker, editorial director at The Fintech Times, at 24Fintech, Kazmi explains why people often group payments and fintech together. Payments are the critical enabler to opening up the rest of the financial services subsectors, says Kazmi. “Fintech isn’t just payments, but payments often need to be digitised before you can access other ecosystems.”
Diversity is also prominent in the region, given the size of the continent and number of countries there. While a positive thing, the amount of countries also brings several different local consumer needs. As a result fintechs, must focus on scaling in line with each country’s regulatory requirements, while simultaneously offering localised services.
To achieve this Visa is ensuring it has a ground presence in as many countries as possible.
Running programmes within the continent
Kazmi points to two of Visa’s programs which are enabling the region’s fintech sector to flourish. “One is specific to Africa: the Visa Accelerator Program. We work with fintechs from across the continent, putting them through a rigorous screening process.
“The program is designed to identify the fintechs that have unique products and solutions that are driving impact. It’s not just a financial ROI.”
The program helps firms with one-on-one mentoring and coaching as well as helping them with strategy, business plans and marketing. He notes that it also provides a great network for smaller fintechs to get to know larger financial institutions and VC founders.
“This has a positive impact on the local economies.”
Kazmi continues: “As Visa thinks about its footprint and its strategy within Africa for fintech, it has observed there is no one-size-fits-all approach – especially given the diversity of the region and its populations.”
One of the perks of having such a diverse region is that consumers are demanding different things. As a result, many organisations are finding success in identifying a niche. Kazmi identifies lending and credit scoring as two fintech subsectors that have been historically challenging for firms.
Identifying firms or problems?
In his conversation with Walker, Kazmi explores what Visa looks for when identifying firms for its programs. In areas where Visa has a strong presence on the ground, it is able to highlight certain problems it wants to tackle. However, another way the company selects firms is based on their offering, potential and the impact they’re having on their communities.
Kazmi also explains: “The fundamental needs of customers are the same, no matter where they are. This is the same for businesses – no matter where they are, they want to grow and expand their businesses.” As such, Visa looks to help firms develop customisable solutions that address their local needs – especially when looking to go cross-border.”
Looking to the future, Kazmi believes that growth will be the key theme of fintech next year as the ecosystem starts to mature. So much so, that he notes that it will likely be the ongoing theme throughout The Fintech Times’ MEA Report 2025.
To learn more about Visa, its position in the African market and its Visa Fintech Accelerator, watch the full video interview below.
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