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Visa Fintech Fast-Track Program Enters Middle East, Africa

[IMAGE/ COURTESY]

Visa has announced expansion of its Fintech Fast-Track Program in the Central and Eastern Europe, Middle East and Africa (CEMEA) region.

Already rolled out in Europe, Latin America and Asia Pacific, the program aims at helping finitechs to adopt digital solutions and growth capabilities.

With the Visa Fast-Track program, fintechs based in CEMEA will be able to onboard to Visa’s global network within a reduced timeline of four weeks.

“The program has been tailored to the needs of fintechs, adapting to their realities and providing them with processes that are faster, which include reducing the number of onboarding conditions. The program also links fintechs to platforms that are already certified by Visa and connects fintechs to sponsoring banks, providing fintechs with scaling opportunities through Visa’s global network,” reads a statement from Visa.

According to Andrew Torre, Regional President, CEMEA, Visa, the payments ecosystem is evolving at an unprecedented pace with some of the most exciting innovations coming the region.

“We are actively engaged with passionate, entrepreneurial communities to understand where synergies exist in order to foster and bring new experiences to life in a secure and scalable manner in our pursuit of a digital future. Our aim is to connect new players and ideas with our network partners, so that we can deliver intuitive and relevant payment, banking and retail experiences to customers and merchants,” said Torre.

The Fintech Fast-Track program includes access to Visa’s payment capabilities, reduced fees and streamlined processes. The programme launched in Europe, Latin America and Asia Pacific in the second half of 2018.

The Fast-Track program is aimed at accelerating investment, partnerships and engagements, according to the company.

Read: Jumia Planning Initial Public Offering In The US

“In Sub-Saharan Africa, Visa will work with Global Technology Partners (GTP), to design and enable turnkey end-to-end packaged solutions jointly for the Visa Fintech Fast Track program. The enterprise solution will include bin sponsorship, issuer processing services, acquirer QR code processing services and program management services,” adds the statement.

Rich Bialek, CEO of GTP, said, “GTP is excited to work with Visa to bring new digital products to our banks and cardholders.  Fintech companies in the CEMEA region are developing innovative solutions to meet the needs of this rapidly growing consumer base.  By expanding the fast-track program to CEMEA, Visa and GTP will enable these companies to rapidly deliver new technologies and services to consumers, improving and expanding how commerce works in this dynamic market.”

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Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. He believes in unearthing societal rots that have been hidden from the public eye. He has also carved himself a niche in writing business stories. He has worked for various organisations including Kenya Television Service, Business Today among others. Follow him on Twitter @FmuliKE.

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