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Visa Launches Africa Fintech Accelerator Programme

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By Adedapo Adesanya

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

In a statement shared with Business Post, it was disclosed that the initiative was introduced by Visa Executive Chairman, Mr 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 programme 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.

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.

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 African country editions this year will be invited to join the accelerator program.

Speaking on this, Mr Kelly Jr., Executive Chairman of Visa, said, “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.

“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.

This, the company said, is in line with Visa’s corporate purpose to uplift everyone, everywhere, by being the best way to pay and be paid and supports Africa’s fintechs to facilitate additional opportunities to expand financial inclusion.

According to Mr Otto Williams, Head of Partnerships, Products, and Solutions, Central Europe, Middle East and Africa, Visa, “Africa’s fintech community is at the forefront of payments innovation and connecting more of the unbanked with access to the digital economy.

“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 the establishment of 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.

It also unveiled 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 as well as the introduction and expansion of 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 a point-of-sale terminal, as well as lowering remittance costs through innovative solutions like Visa Direct.

The firm also established Visa as the fintech partner of choice, working with innovators and entrepreneurs, including through the Visa Everywhere Initiative program, with dedicated country programmes in South Africa, Kenya, and Egypt.

It has launched new programmes 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 and collaborated with partners, to advance financial literacy in several languages, including localized versions of Practical Money Skills in Egypt and Morocco for the first time.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Stakeholders Move to Tackle Vandalization of Telecommunications Infrastructure

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IHS Nigeria Telecommunications Infrastructure

By Aduragbemi Omiyale

Stakeholders in the telecommunications sector in Nigeria have resolved to establish a working group dedicated to addressing key industry challenges, including the vandalization and theft of infrastructure, arbitrary shutdown of base stations, fibre cuts due to road construction and the denial of access by unauthorized individuals by leveraging technology for real-time monitoring and protection, strengthening security measures around telecommunication sites and collaborating more with the security and regulatory agencies to mitigate these challenges.

This followed extensive deliberations at an event organised by IHS Nigeria, part of the IHS Holding Limited, to develop a multi-stakeholder action plan for the protection of Critical National Information Infrastructure (CNII) assets in Lagos State.

The stakeholders underscored the need to prioritize deterrence and prevention of these incidents and highlighted the importance of public awareness campaigns to sensitize the host communities and public of the need to protect telecommunications infrastructure in their localities.

“The protection of Critical National Information Infrastructure (CNII) has been a critical concern for all industry stakeholders.

“We are experiencing daily losses of assets, which significantly impact on the quality of service delivered to subscribers.

“Addressing these issues is paramount to sustaining Nigeria’s digital ecosystem and meeting regulatory expectations,” the Senior Vice President and Chief Corporate Services Officer of HIS Nigeria, Mr Dapo Otunla, stated.

Recognizing the importance of communications infrastructure as the backbone of national security, economic growth and social cohesion, the stakeholders at the meeting convened under the umbrella of the Association of Licensed Telecoms Operators of Nigeria (ALTON) agreed on the urgent need for collaborative solutions to ensure the protection of these vital assets.

The meeting was attended by senior representatives from the telecommunications stakeholder groups and regulatory bodies, including the Nigerian Communications Commission (NCC), the Association of Licensed Telecoms Operators of Nigeria (ALTON), Association of Telecommunications Companies of Nigeria (ATCON) and the Lagos State Infrastructure Maintenance and Regulatory Agency (LASIMRA).

Also in attendance were representatives from the Mobile Network Operators (MNOs), and InfraCos as well as the Nigeria Security and Civil Defence Corps (NSCDC), the security agency tasked with the protection of Critical National Infrastructure across the country.

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Airtel Africa, MTN Group to Share Network Infrastructure in Nigeria, Uganda

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By Aduragbemi Omiyale

Two of the major telecommunications companies in Africa, Airtel Africa Plc and MTN Group, have entered into agreements to share network infrastructure in Uganda and Nigeria.

The idea behind this is to cost operating costs and improve network coverage for quality mobile services to millions of customers, particularly in remote areas.

However, this would be carried out in compliance with local regulatory and statutory requirements.

The initiative is part of a growing global trend toward network sharing. By collaborating, telecoms operators can explore innovative and pro-competitive solutions to improve service quality while managing costs more effectively.

The sharing of infrastructure has the potential to enable the delivery of world-class, reliable mobile services to more and more customers across Africa.

Already, MTN and Airtel Africa are exploring various opportunities in other markets, including Congo-Brazzaville, Rwanda and Zambia.

Among the types of agreements considered are RAN sharing and those aimed at establishing commercial and technical agreements for fibre infrastructure sharing and, if necessary, the construction of fibre networks.

“As we compete fiercely in the market on the strength of our brand, services and our offerings we are building common infrastructure, within the permissible regulatory framework, to provide a more robust and extensive digital highway to drive digital and financial inclusion at the same time avoiding duplication of expensive infrastructure to drive operational efficiencies and benefits for our customers,” the chief executive of Airtel Africa, Mr Sunil Taldar, said.

His counterpart at MTN Group, Mr Ralph Mupita, while commenting on the development, said, “As MTN, we are driven by the vision of delivering digital solutions that drive Africa’s progress.

“We continue to see strong structural demand for digital and financial services across our markets. To meet this demand, we continue to invest in coverage and capacity to ensure high-quality connectivity for our customers.

“That said, there are opportunities within regulatory frameworks for sharing resources to drive higher efficiencies and improve returns.”

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MTN Nigeria Revolutionises Urban Living With MyLagosApp

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MyLagosApp MyCityApp

By Aduragbemi Omiyale

A mobile application, MyLagosApp, designed to provide real-time updates on events, entertainment, hospitality, transport services and government-related payments, has been launched by MTN Nigeria in partnership with the Lagos State Government.

The digital platform was created by the Software Lab in MTN, according to the Chief Information Officer of MTN Nigeria, Shoyinka Shodunke, and is embedded with global security standards and practices with ISO 27001 certification.

At the launch of the app last Thursday, it was emphasised that security was a key priority in the design and development of the app to ensure the protection of user data and secure access to the app’s features and functionalities.

MyLagosApp, currently entitled MyCityApp on the app store, is available for download on both Android and iOS platforms. Users have been encouraged to download it to experience firsthand how urban living in Lagos has been transformed with the app.

The Deputy Governor of Lagos, Mr Obafemi Hamzat, while speaking at the unveiling of the app, reinforced the government’s commitment to leveraging technology for enhanced city management and connectivity.

He described it as a demonstration of the administration’s dedication to enhancing the lives of citizens through technological innovation.

“I commend the collaboration between MTN Nigeria and the Lagos State Government, alongside other key stakeholders, for making this vision a reality.

“This partnership is a testament to the power of technology in bridging the gap between the public and private sectors to drive innovation and improve lives.

“The app serves as a vital link between the government and the people, simplifying access to public services, providing real-time updates, and promoting transparency and accountability in governance.

“Whether you need to navigate government processes, access essential city services, or stay informed about key developments, MyLagosApp places all the information you need right at your fingertips,” Mr Hamzat said on behalf of Governor Babajide Sanwo-Olu.

On his part, the chief executive of MTN Nigeria, Mr Karl Toriola, said, “As we embrace the future of e-governance, digital entertainment and commercial innovation, initiatives like this are essential in making Lagos a truly smart city, and we are proud to partner with the Lagos State Government to drive digital transformation and enhance urban living.

“With the launch of MyLagosApp, we are leveraging technology to simplify access to essential services, improve connectivity, and create a smarter, more efficient Lagos for residents and visitors alike.”

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