Kenyan leading telco, Safaricom, has revealed 9 startups for the first cohort of its Spark Accelerator Program.
Earlier this year [2024], Safaricom, alongside MPESA Africa and Sumitomo Corporation, launched the three-month accelerator program designed to offer a comprehensive mix of training, mentorship, funding, and go-to-market support.
🇰🇪CALL FOR APPLICATIONS | Safaricom’s M-PESA Accelerator Program Now Open for Early-Stage Fintechs and Content Startups in Kenya
The initiative will be for for early-stage fintech and content startups, with Safaricom said to be adopting an ecosystem-oriented strategy to… pic.twitter.com/D3xv3sdDUq
— BitKE (@BitcoinKE) January 29, 2024
According to a local report, the startups have been chosen for their commercial viability and scaling ability.
“By supporting and investing in these tech-enabled startups, we aim to drive significant societal change and economic growth,” said Peter Ndegwa, CEO, Safaricom.
Below are the nine Startups selected across multiple sectors:
Embedded Finance
- Chumz – a startup leveraging mobile money, gamification, and behavioral psychology to build a community of savers
- Nobuk – a fintech seeking to simplify financial reporting for African groups
SME Productivity
- Chpter – encourages social media marketing using an AI powered platform
- Faidi HR – a one-in-all Cloud Payroll and HK Platform for businesses
- Churpy – seeks to automate repetitive and manual office tasks
- Twiva – a social-commerce platform that links brands to social media influencers for marketing
Content
- HealthX Africa – a data driven medtech that offers hybrid digital and physical touch points
- BlackRhino VR – enabling creators and brands alike, to tell immersive and interactive stories that are appealing to contemporary audiences.
Future Fintech
- VunaPay – a digital platform that facilitates instant payment to smallholder farmers for produce delivered to the cooperatives.
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.
We are Transitioning to Become a Digital Financial Services Provider, Says CEO, Safaricom (M-PESA) https://t.co/5tjZ2vPLhP @SafaricomPLC
— BitKE (@BitcoinKE) April 1, 2022
This opportunity empowers them to connect with a user base exceeding four million customers utilizing the app.
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.
The accelerator program will conclude with an investor demo day, providing startups with the opportunity to pitch for investments from Safaricom and collaborating venture capital firms.
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