Visa has selected four North African fintech startups—two from Egypt and two from Morocco—to join the latest cohort of its prestigious Africa Fintech Accelerator. The program is a key part of Visa’s $1 billion commitment to support African entrepreneurs by 2027.
By the Numbers
- 4: North African startups selected for the cohort.
- 22: Total fintechs participating in the latest cohort.
- $1 Billion: Visa’s total commitment to support African entrepreneurs.
- 3 Months: The duration of the intensive accelerator program.
A Platform for Africa’s Top Fintechs
The Visa Africa Fintech Accelerator is a three-month program that provides founders with funding, expert mentorship, and access to Visa’s extensive global network of partners and investors. The inclusion of four startups from North Africa highlights the program’s reach and its importance for the MENA ecosystem.
Showcasing MENA’s Fintech Innovation
The four MENA-based startups selected for this cohort are tackling key challenges in the financial sector:
- Flend (Egypt): A digital lender for SMEs that uses technology for faster onboarding and credit scoring.
- MNZL (Egypt): An innovative platform that allows individuals to borrow using assets like their homes and cars as collateral.
- Hsabati (Morocco): A platform that helps SMEs manage their financial data to facilitate capital raising.
- Woliz (Morocco): A startup focused on very small businesses, offering digital payment and loyalty solutions to boost profitability.
Their participation underscores the strength and sophistication of the burgeoning fintech scenes in both Egypt and Morocco.
About the Visa Africa Fintech Accelerator
The Visa Africa Fintech Accelerator is a major initiative by the global payments leader to foster innovation across the African continent. The program aims to co-create the future of payments and commerce by providing startups with the resources and network they need to succeed on a global scale.
Looking Ahead
The participation of leading Egyptian and Moroccan fintechs in this pan-African program is a testament to the quality of innovation emerging from the MENA region. The experience and network gained by these four startups will not only accelerate their own growth but will also contribute to the continued development of a more integrated and dynamic fintech ecosystem connecting North Africa with the rest of the continent.
Source: MEA Tech Watch
