Visa has announced the launch of the new Visa Africa Fintech Accelerator program to help enable Africa’s expanding start-up community through expertise, connections, technology, and investment funding. 

The launch of the Africa Fintech Accelerator program follows Visa’s recent pledge to invest $1 billion in Africa’s digital transformation and its long-term commitment to advancing Africa’s economies and driving inclusive growth.

The initiative was introduced by Visa Executive Chairman Alfred F. Kelly Jr. at Bloomberg New Economy Gateway Africa in Marrakech, Morocco.

The Visa Africa Fintech Accelerator will enable up to 40 start-ups each year to accelerate and grow through a three-month intensive learning program focused on business growth and mentoring.

Following the program completion, Visa intends to further support fintech growth with capital investment in select participating businesses, while accelerating their commercial launch through access to Visa technology and capabilities.

Fintech startups throughout Africa can apply to be part of the program through two application phases each year, starting from July 2023. With more than 1,000 Africa Fintech start-ups taking part in the Visa Everywhere Initiative* (VEI) competition in 2022, finalists from Africa country editions this year will be invited to join the accelerator program.

“Africa has one of the most exciting and admired fintech ecosystems in the world, bringing outstanding entrepreneurial talent to a young digital-first population that is growing fast,” said Alfred F Kelly Jr., Executive Chairman, Visa, Inc. “Visa has been increasing our investments in Africa for decades and strengthening partnerships throughout the continent to support the next wave of innovation and growth.  Our new Fintech Accelerator will bring expertise, connections, and investment to Africa’s best fintech start-ups so they can grow at scale.”

The support for participating fintechs will help further strengthen the payment ecosystem by fast-tracking new innovations and technologies that provide solutions to challenges that are unique to the African continent, and which can further advance Africa’s digitization. In line with Visa’s corporate purpose to uplift everyone, everywhere by being the best way to pay and be paid, this support of Africa’s fintechs will facilitate additional opportunities to expand financial inclusion.

“Africa’s fintech community is at the forefront of payments innovation and connecting more of the unbanked with access to the digital economy,” said Otto Williams, Head of Partnerships, Products and Solutions, Central Europe, Middle East and Africa, Visa. “Visa has been working with this innovative community to create new programs and solutions to help fintechs scale, while giving access to Visa’s technology and partner ecosystem.  Through the new Visa Africa Fintech Accelerator, we are looking forward to working with more brilliant entrepreneurs and companies to shape the future of money.”

In addition to its $1 billion pledge to Africa, Visa has recently introduced several business initiatives and programs to further advance the payments ecosystem in Africa.  These include:

• Establishing local operations in the Democratic Republic of Congo, Ethiopia and Sudan to help support and strengthen the local financial ecosystem. Visa has 10 offices across Africa from which it supports payments in all 54 countries.
• Unveiling the first dedicated Visa Sub-Saharan Africa Innovation Studio, in Nairobi, Kenya, to provide a state-of-the-art environment to bring together clients and partners to co-create future-ready payment and commerce solutions.
• Introducing and expanding new technologies that help African consumers and merchants make and receive digital payments, such as Tap to Phone to turn a simple mobile phone into point-of-sale terminal, as well as lowering remittance costs through innovative solutions like Visa Direct.
• Establishing Visa as the fintech partner of choice, working with innovators and entrepreneurs, including through the Visa Everywhere Initiative program, with dedicated country programs in South Africa, Kenya and Egypt.
• Launching new programs to support women’s empowerment together with financial partners, including She’s Next, which is bringing funding, mentoring and networking opportunities to female entrepreneurs leading growing SMBs in Egypt, Kenya, Morocco, and South Africa.
• Collaborating, with partners, to advance financial literacy in several languages, including localized versions of Practical Money Skills in Egypt and Morocco for the first time.

The number of identified areas of clusters across Nigeria without access to the telecommunications services has been reduced by 53.1 per cent as at the end of 2022.

The Executive Vice Chairman and Chief Executive Officer of the Commission, Prof. Umar Garba Danbatta, disclosed this at a recent telecoms industry stakeholders forum in Yenagoa, Bayelsa state.

Danbatta, who was represented at the forum by the Head, Pre-Licensing at the Commission, Usman Mamman, said from 207 clusters of access gaps in 2013, the industry has witnessed a reduction to 97 as of end 2022 by bridging 110 clusters of access gaps, representing a 53.1 per cent reduction.

He said by implication, the number of Nigerians who fell within the access gap which were estimated at 37 million in 2013 has been reduced to 27 million, following increased access to telecoms services by those hitherto not digitally included.

Access gaps refer to the cluster of communities or grouped areas in different parts of the country that are bereft of access to telecom services and till date, the NCC has reduced clusters of access gap by more than half.

Danbatta said, “We have worked tirelessly to ensure we bring telecom services to people living in rural, unserved, and underserved areas of this country, totalling 37 million people courtesy of the consultancy that was conducted in 2013.

“By 2019, we had succeeded in reducing the clusters of access gaps to 114 through the deployment of the necessary infrastructure needed to bring services to people living in rural, unserved and underserved areas of the country. The deployment of infrastructure is in terms of base transceiver stations, which resulted in the reduction of Nigerians in those clusters from 37 million to 31 million in 2019.

“By 2022, we have reduced the clusters of access gaps to 97 from 207 in 2013. The number of Nigerians again have come down from 37 million in 2013 to 27 million as we speak. We achieved this by deploying, from 2009 to 2011, a total of 79 new base transceiver stations,” he said

Danbatta stated that in 2013 to 2018, the telecom sector also witnessed the deployment of additional 124 base transceiver stations while from 2019 to 2022, a total of 364 base transceiver stations were deployed.

“So far, the total number of base transceiver stations we have deployed to date between the time the access gaps were identified till the end of 2022 are 567,” he said.

While describing the reduction in access gap so far as a landmark, Danbatta, however, said the Commission will not rest on its oars as it thrives to ensure that the remaining 27 million Nigerians, who currently lack access to telecoms services, are provided with services.

Meanwhile, the EVC said part the regulatory interventions of the Commission to bridge the remaining 97 access across the country to provide ubiquitous connectivity in all the nooks and crannies of Nigeria are the issuance of the Mobile Virtual Network Operator (MVNO) Licences and the deployment of Fifth Generation (5G) networks, among others.

Nigeria is poised to achieve a 70 percent internet penetration in urban and rural areas by 2025 as desired by the Federal Government if tactical collaborations between the private sector and the public sector are effectively utilised.

 This was stated by the General Manager for Fixed Broadband at MTN, Onyinye Ikenna-Emeka, in a recent interview with Arise TV on broadband connectivity in Africa’s most populous nation.

The Federal Government’s Broadband plan further specified the kind of internet speeds expected for both urban and rural areas; 25mbps and 10mbps respectively.

Onyinye Ikenna-Emeka, noted that MTN Group’s Strategic Ambition 2025 is in close alignment with the Federal Government’s broadband targets. According to her, the technology provider’s intent is to deliver the right level of effective digital solutions to power Africa’s growth.

For Nigeria to achieve its goal of a globally recognised digital economy, Ikenna-Emeka, an internet connectivity expert, believes that the nation will require concerted efforts by the Federal Government, public and private stakeholders to boost broadband penetration. Ikenna-Emeka expresses optimism that with existing and new policies, the country is on the right path.

“When we look back at 2012 when we had just about 6 per cent internet penetration to where we are today, there is a significant improvement. As of the end of May this year, we had about 43.6 percent penetration. That is quite encouraging,” she says.

“A lot of work is still being done by the Federal Government and organisations like MTN to achieve the right levels of broadband penetration. The journey has already started and further collaborations will help us to get better.”

To improve internet connectivity in their locality, more than a dozen African countries have tested or are planning to roll out the 5G network in the next few years. The next-gen network is predicted to contribute an additional $2.2 trillion to Africa’s economy by 2034. MTN, demonstrating its commitment to providing quality internet access to Nigerians, has laid the groundwork to provide the 5G service in several parts of the country in the coming months.

Enunciating MTN’s role as a driver of quality network across the country, Ikenna-Emeka says “Today, what is most prevalent is the fixed wireless access and that is the technology that is being adopted by all operators globally. That’s what we want to scale and accelerate in our drive to achieve broadband penetration.

“We’re very shortly going to launch the 5G technology. There is also a lot of progress we’ve made in fibre optics which is another prevalent technology. This, along with the 3G, 4G, and 5G networks will provide us with the ability to serve more market segments and more different sectors.”

The internet connectivity specialist further expounds that continued acceleration of internet access and the ability to adapt and expand on new technologies will bolster broadband connectivity that would match Nigeria’s growing population.

On the challenges of expanding internet connectivity in unconnected areas in the country, she says “Recently, we have received some legislation from the Federal Government to improve internet access in the rural or less connected states and that is critical in driving broadband penetration and connectivity.”

“One of the ways we are driving that penetration as a telco is by ensuring that we leverage on our mix of technologies. We currently have access to 3G, 4G, and coming soon, the 5G. And we are going to utilise this mix of technologies to deliver fit-for-purpose connectivity in different areas in Nigeria,” she adds.

Recently, international companies like Meta and Starlink have begun to adopt satellites in providing internet connectivity, and Africa has been encouraged to adopt similar technological measures to boost its developing digital landscape.

Ikenna-Emeka expresses belief that it speaks to the need for increased collaboration to drive penetration.

“It is quite interesting and speaks to the localisation of global trends – global digital transformation initiative. It’s a welcome development because to achieve the levels of penetration that we require, both at urban and rural levels, and to ride on the right levels of partnerships and collaborations, we will be requiring a mix of technologies. We look forward to seeing how that plays out in the future,” she says.

MTN Nigeria recently launched its home broadband services tailored to provide fast and reliable internet access in homes across Nigeria. With the imminent commercial deployment of the 5G network, Nigeria will be hoping to expand its internet penetration and connectivity to achieve its ambition of a near-perfect digital economy in the next three years.