CALL FOR APPLICATIONS | Safaricom M-PESA Accelerator Program Now Open for Early-Stage Fintechs and Content Startups in Kenya

Safaricom, M-PESA Africa, and Sumitomo Corporation have initiated the application process for the newest iteration of the Spark Accelerator in Kenya.

This three-month accelerator program is designed to offer a comprehensive mix of training, mentorship, funding, and go-to-market support.

The initiative will be for for early-stage fintech and content startups, with Safaricom said to be adopting an ecosystem-oriented strategy to pinpoint and expedite the growth of these startups. This approach involves tapping into a team of experts well-versed in:

• Market dynamics
• Emerging technologies, and
• Dedicated to fostering ongoing innovation

 

“The Spark Accelerator programme is in line with our ambition to be a purpose-led technology company. With the accelerator, we are offering more than just capital injection which is what we did previously with Spark Fund. We have restructured the program to address the challenges that hinder early startups from growing to scale,” said Peter Ndegwa, CEO of Safaricom.

“Sumitomo Corporation’s wide range of business experience will contribute to creating innovative businesses, support the expansion of the startup ecosystem.”

 

Safaricom, which has ambitions to create an app ecosystem around its M-PESA platform, says enrolled startups stand to gain from the program by receiving access to technical support for the creation of mini-apps integrated into Safaricom’s M-PESA Super App. This opportunity empowers them to connect with a user base exceeding four million customers utilizing the app.

We are Transitioning to Become a Digital Financial Services Provider, Says CEO, Safaricom (M-PESA) https://t.co/5tjZ2vPLhP @SafaricomPLC

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“We have partnered with Sumitomo and Safaricom to launch the Spark Accelerator to provide funding, technical expertise, resources and mentorship to the next generation of the continent’s leading tech startups. In turn, the startups will create innovations that connect customers and businesses on M-PESA to more opportunities while providing them with even more value,” said Sitoyo Lopokoiyit, MD of M-PESA Africa.

 

Furthermore, M-PESA Africa will provide valuable resources such as expertise, market research, insights, and additional capacity support for startups aiming to broaden their presence in other countries. This support extends beyond the initial three-month program, allowing participating startups to leverage the expansive network of over 60 million customers and 5 million businesses across M-PESA’s eight markets.