Visa And Nest To Roll Out FinTech Bootcamp In Africa

Visa is moving to support startups in Africa, reportedly partnering with Nest, the Hong Kong venture capital firm and incubator.

According to a report, Visa and Nest are gearing up to launch a four-day FinTech bootcamp in Nairobi for startups in Africa. Nest mentors and Visa executives from Kenya, South Africa and UAE will provide guidance to select startups, as well as make introductions between the startups and financial services firms in Africa. The report noted the startups that are focused on financial inclusion and peer-to-peer and merchant payments are of particular interest to Visa and Nest. Selected startups will get to tool around with Visa’s APIs and will make pitches to get funding from Nest to grow their businesses.

“At its core, Visa is a technology company, and we are constantly evolving to provide immersive, collaborative and localized experiences for our clients and partners in this region,” said Jabu Basopo, Visa’s general manager for Southern and East Africa. According to the report, Visa and Nest opened the application process on Dec. 5. It’s slated to close on Feb. 10, with the four-day program starting on March 24.

It’s not surprising that Visa and Nest would eye the startup market in Africa. In September, Facebook Chief Executive Mark Zuckerberg applauded the entrepreneurial spirit in Africa in his first visit to sub-Saharan Africa, saying the future will be built in the region. “I’m starting at a place called iHub, where entrepreneurs can build and prototype their ideas. Two of the engineers I met — Fausto [Marcigot] and Mark — designed a system to help people use mobile payments to buy small amounts of cooking gas, which is a lot safer and better for the environment than charcoal or kerosene. It’s inspiring to see how engineers here are using mobile money to build businesses and help their community,” Zuckerberg said at the time.

Zuckerberg made the comments in Nigeria ahead of a trip to Kenya, which is leading the world in terms of mobile money. While in Nigeria, Zuckerberg also praised African entrepreneurs, saying he was struck by the entrepreneurial energy they possess. “I think when you’re trying to build something, what matters the most is who wants it the most. This is where the future is going to be built,” Zuckerberg said.