Visa launches its first African Innovation Bootcamp [update]

Payments technology giant Visa has partnered with global accelerator and early-stage tech investor, Nest to launch its first Innovation Bootcamp in Africa. The bootcamp aims to empower early-stage startups within the fintech space and will conclude with a Demo Day scheduled for 27 March 2017.

The bootcamp saw a pool of 122 applicants from 12 countries which include Kenya, Uganda, Rwanda, Ghana, South Africa and many others. From applicants, only 10 were selected to take part.

“The finalists will get the opportunity to gain knowledge and insights from experts at Visa, as well as gain access to Visa API’s and tools, and Nest’s resources to scale their start-up through Africa and beyond,” said Visa’s country manager for East Africa, Sunny Walia in a statement issued to AppsAfrica.

Visa in partnership with Nest is aiming to boost successful SMEs within Africa through their bootcamp.

“We’re excited about helping our great corporate partners unlock the potential by working alongside startups as there are unlimited possibilities and opportunities,” said the Managing partner at Nest, Aaron Fu.

The 10 startups selected were:

• Okhi — a mobile-based imaging and location solution which aims to facilitate verification processes for financial institutions.
• Eat Out — payment-based rewards solution for restaurants.
• Kwanji — Is a FX platform for African SMEs.
• Overview Technologies — Serves as both a personal finance management app as well as a payments solution.
• Lakt — Is also a personal financial management app featuring a financial literacy aspect targeting millennials.
• SokoWatch — Uses feature-phone technology to enable product fulfilment between informal traders and FMCG distributors.
• Ajala — Uses speech processing technology to translate native languages which can be used within financial institutions.
• Data Integrated — Is a mobile POS solution for SMEs.
• Bamba POS— Is a cloud-based POS and an inventory management system for SMEs.
• Lipisha — Is a value-added payment aggregator for businesses through the use of mobile technology.

“The Visa Bootcamp brings together marquee innovators solving critical challenges in the FinTech landscape on a structured platform for these highly promising businesses to explore partnerships with Visa and its partner bank network, as well as have one-on-one interactions with potential funders,” concluded Fu.

Update: Network of Southern Think Tanks (Nest) changed to SME accelerator Nest