Safaricom, in partnership with M-PESA Africa and Sumitomo Corporation, has announced the selection of nine innovative startups for the inaugural cohort of the Spark Accelerator Program. This initiative aims to nurture visionary entrepreneurs and propel the growth of tech-enabled businesses in Africa.
The chosen startups, spanning categories such as Embedded Finance, Future Fintech, SME Productivity Tools, and Content, will receive comprehensive support including training, mentorship, market access, technology assistance, product development, and capital infusion. This ecosystem-based approach is designed to foster significant societal and economic impacts through technological innovation.
“Leveraging technology to drive meaningful innovation is a strong premise under which the Spark Accelerator program was founded,” said Peter Ndegwa, CEO of Safaricom. “By supporting and investing in these tech-enabled startups, we aim to drive significant societal change and economic growth. We are excited to work with visionary founders who represent the promise of tomorrow and to see the impact they will create in their respective sectors.”
Among the startups in the Embedded Finance category are Chumz, which uses mobile money, gamification, and behavioral psychology to promote saving habits, and Nobuk, which simplifies payment collection and financial reporting for African collectives.
The SME Productivity Tools category features four startups: Chpter, an AI-powered platform that automates business transactions on social media; Faidi HR, a comprehensive cloud payroll and HR platform; Churpy, which automates CFO office tasks; and Twiva, a social-commerce platform leveraging influencers to market brands.
HealthX Africa and BlackRhino VR, selected in the Content category, offer primary healthcare through hybrid digital and physical services and immersive storytelling solutions respectively. VunaPay, supporting instant payments for smallholder farmers, stands out in the Future Fintech category.
“By leveraging our extensive global business know-how with the excellent operations and customer base of Safaricom and M-PESA Africa, we are excited to expand digital financial services and contribute to the development of the Kenyan and African economies,” commented Katsuya Kashiki, General Manager of Smart Communication Platform SBU at Sumitomo Corporation.
Nissi Madu, Managing Partner at iHUB/CcHUB, emphasized the program’s commitment to innovation: “Their unique solutions harness transformative opportunities to leverage technology to significantly improve the quality of lives of millions of Kenyans. We look forward to supporting the startups to optimize their offerings, scale their solutions and expand their impact.”
The Spark Accelerator, born from a strategic partnership formed last year between Safaricom, M-PESA Africa, and Sumitomo Corporation, aims to spearhead product innovation across various industry verticals. The program is expected to stimulate substantial advancements in technology and business practices, reinforcing Africa’s position as a burgeoning hub for entrepreneurial talent and technological prowess.
