Safaricom, in collaboration with M-PESA Africa and Sumitomo Corporation, has launched the Spark Accelerator program to support the growth and expansion of early-stage fintech and content start-ups. Sumitomo Corporation, a Fortune 500 global trading and business investment firm, is a key partner in this initiative.
The selected firms will undergo a three-month acceleration program, incorporating training, coaching, investment, and go-to-market assistance to facilitate their growth and scaling efforts. During the program, participating start-ups will receive technical support to develop mini-apps integrated into Safaricom’s M-PESA Super App, enabling them to reach over 4 million app users.
iHub, a Kenyan start-up ecosystem and a subsidiary of Africa’s innovation hub, Co-Creation Hub, will serve as the program’s implementing partner. Vodacom and AWS are also backing the program.
Safaricom CEO Peter Ndegwa highlighted the comprehensive support offered by the accelerator, stating, “With the accelerator, we are providing more than just money injections, like we did with Spark Fund. We have restructured the program to address the challenges that prevent early-stage start-ups from scaling.”
The Spark Accelerator Programme adopts an ecosystem-based approach, leveraging a team of specialists familiar with market dynamics and technology development to identify and accelerate businesses, fostering ongoing innovation.
Katsuya Kashiki, General Manager of Sumitomo Corporation’s Smart Communications Platform Business Division, emphasized the company’s business experience in establishing creative enterprises and promoting startup ecosystem growth. He expressed a commitment to contributing to the development of the African economy and human resource development through the program.
M-PESA, connecting over 60 million people and 5 million businesses in eight countries, offers a unique opportunity for African firms seeking rapid expansion. The joint partnership with Safaricom and Sumitomo aims to provide finance, technical expertise, resources, and mentorship to the next generation of innovative businesses on the continent.
Sitoyo Lopokoiyit, Managing Director of M-PESA Africa, highlighted that startups, in turn, will develop solutions connecting M-PESA users and businesses to new prospects, providing added value. The accelerator program will culminate in an investor demo day, where startups will vie for funding from Safaricom and partner venture capital firms.
