Africa’s first FinTech Innovation Bootcamp

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Early-stage venture capital firm and innovation accelerator Nest has partnered with global payments technology company Visa to introduce a four-day FinTech bootcamp, which claims to be a first-of-its-kind programme in Africa. The main objective of the bootcamp is to facilitate collaboration between early stage technology companies , Visa and potential investors from across Africa.

Nest’s mentors will join mentors from Visa’s teams in Kenya, South Africa and the UAE to coach selected participants. Organisers of the bootcamp say these participants will have the opportunity to work alongside leaders in the financial services industry, integrate with Visa APIs, as well as access tools and Nest’s resources. The programme is specifically focused on financial inclusion, peer-to-peer or merchant payments.

Aaron Fu, Nest’s Managing Partner for Africa said, “We are very excited to be working with Visa to deliver this bootcamp in Nairobi. Our partnership with Visa signals Nest’s continued commitment to give African startups access to funding, mentorship and its global network. Through this partnership with Visa we will together be equipped to offer stronger tangible tools to entrepreneurs, both from Africa and around the world, who want to make a difference to banking and payments for people and businesses across the continent. We will also be leveraging Nest’s global capabilities to elevate Visa Bootcamp participant’s start-ups and give them further opportunity to grow and scale.

Jabu Basopo, Visa’s General Manager for Southern and East Africa, said, “At its core, Visa is a technology company and we are constantly evolving to provide immersive, collaborative and localised experiences for our clients and partners in this region. We think the partnership with NEST is an ideal one that brings our collaborative approach to life through the FinTech bootcamp.”

Business leaders and those with a vested interest in Africa’s FinTech space say the continent’s ecosystem has grown exponentially over the past few years, underpinned by mobile payment innovation.

The suggestion being made by these stakeholders is that appropriate regulations, policy infrastructure and well-designed financial products need to compliment technology to ensure success of initiatives aimed at financial inclusion.

According to the Visa bootcamp website the programme is looking for startups “with an innovative FinTech proposition.”

Applications have already opened and close at midnight on 10 February 2017.

The 4-day programme commences on 24 March 2017 in Nairobi at Mettā, and concludes with a Demo Day, scheduled for 27 March 2017.

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