Visa deepens African footprint with investment in Morocco's PayTic
Founded in Morocco, PayTic develops solutions that streamline back-office operations and improve risk management in digital payments. «Thanks to Visa's support, we are ideally positioned to push the boundaries of fintech and optimize our clients' operations», said CEO Imad Boumahdi.
Visa also invested in Konnect, a Tunisian startup that enables instant payments through links sent via SMS, email, or messaging apps. «We are thrilled with Visa's continued confidence in our vision», said founder Amin Ben Abderrahman.
These investments are part of a broader initiative: during GITEX Africa 2025 in Marrakech, Visa concluded the third cohort of its accelerator program, which brought together 19 fintechs from 21 countries. This edition was particularly notable for its strong female representation, with 85% of the startups led by women.
Launched in 2023, the Visa Africa Fintech Accelerator supports startups from the Seed stage through Series A and is part of Visa's commitment to invest $1 billion in Africa by 2027. Since its launch, the program has supported more than 60 fintechs. The next cohort will be announced on June 2, 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Maroc
4 hours ago
- Maroc
Under HM the King's Impetus, Morocco Developed ‘Genuine Expertise' in Key Sectors - Safran's Board Chairman
Driven by the leadership of His Majesty King Mohammed VI, Morocco has developed 'genuine expertise' in key sectors, starting with aerospace and automotive industries, and more recently, renewable energy, said Ross McInnes, Chairman of the Board of the Safran Group. In an interview with MAP-Paris on the occasion of the Throne Day celebrations, McInnes praised the progress achieved by the Kingdom and the development momentum sustained by 'a clear and ambitious strategy' led by the Sovereign. According to McInnes, what particularly sets Morocco apart from other countries is 'the quality of its workforce,' supported by 'strong initiatives,' notably the Industrial Acceleration Plan and vocational training programs. He also highlighted more than a quarter-century of 'an ambitious and exceptional partnership' with Morocco, which has strengthened its position in Africa by pursuing win-win partnerships and a robust economic diversification, thanks to 'a Vision that has enabled the Kingdom to become a strategic partner for international companies, while ensuring inclusive and sustainable growth.' 'Today, we have more than 5,000 employees in Morocco across more than eight sites, and we hope to continue in this direction, as the Kingdom is one of our two or three most important countries outside of France,' he said. McInnes noted that Safran is currently building a new maintenance and repair facility for its new-generation LEAP aircraft engines. Other projects are also in the pipeline, he said, pointing to Morocco's renewable energy supply 'available in sufficient quantities and at competitive prices' as a key factor, especially since the country has everything needed to succeed in this sector, including wind and solar power. McInnes also spoke about strengthening Safran's partnership with Morocco's flag carrier, Royal Air Maroc (RAM) in aircraft engine maintenance, stressing that 'RAM's hub positioning, the attractiveness and quality of the available workforce, are also why we are building another maintenance and repair center in Casablanca.' As co-chair of the France-Morocco Business Leaders Club (MEDEF International-CGEM), McInnes said he will lead a delegation of French business leaders on a visit to Dakhla on October 8-9 as part of a mission to explore business opportunities in Morocco's southern provinces. 'We approach this as 'Make with Morocco.' We are not in an economy purely focused on exports, but in one rooted in local establishment and integration,' he said, adding that French companies 'export extensively from Morocco.' He explained that the goal of French companies in general, and Safran in particular, is to 'develop, as much as Moroccan capabilities allow, a local supplier base, which will reinforce this integration and contribute to creating high-quality jobs for Moroccan employees working in French companies.' McInnes also emphasized the importance of capitalizing on the strengths of Franco-Moroccan cooperation, primarily in aerospace, green energy (hydrogen, solar, and wind), digital infrastructure, including data centers for AI, and the 'sustainable and lasting' infrastructure being developed in the Kingdom in preparation for the 2030 World Cup. 'I believe this will be a great showcase for Morocco as an African and Euro-Mediterranean hub, especially since Morocco's orientation toward Africa is one of its major assets for investors like us, and for the country itself in terms of its rightful international standing,' said the Safran chairman, adding that, in this context, talent development, research, and innovation remain key to Morocco's MAP: 17 July 2025
Ya Biladi
4 hours ago
- Ya Biladi
European People's Party demands urgent review of EU Morocco trade deal
The European People's Party (EPP) has called for an urgent review of the trade agreement between the European Union and Morocco, warning of an «unacceptable imbalance» in the European fruit and vegetable market, particularly affecting southern Spain. The remarks were made before the Petitions Committee in the European Parliament. MEP Carmen Crespo urged the introduction of mandatory customs quotas and effective reciprocity mechanisms, along with stricter monitoring and the exclusion of any products originating from Western Sahara, in line with the October 2024 ruling by the European Court of Justice. The ruling reaffirmed that Western Sahara is a «separate and distinct territory» from Morocco and cannot be included in trade agreements without the consent of its people. Crespo highlighted an 18% increase in Moroccan tomato imports, from 492,000 to roughly 580,000 tons, blaming this surge for a collapse in prices faced by European producers, who, she argued, are unable to compete with products that fall short of EU social and environmental standards. She also raised concerns about potential tax evasion amounting to an estimated €70 million, criticizing the reduction of customs duties rather than updating entry prices for Moroccan goods, and condemned the practice of labeling Western Saharan exports as Moroccan. Crespo called for the activation of EU safeguard measures and financial compensation from Morocco should tax evasion be confirmed. She also criticized what she described as the «inaction» of certain EU governments, particularly Spain, for failing to protect the interests of local farmers.
Ya Biladi
4 hours ago
- Ya Biladi
Morocco records 1.52 million arrivals, 13% rise since start of Marhaba Operation
Since the launch of this summer's Marhaba operation on June 15 and up until July 10, 2025, a total of 1,520,951 Moroccans living abroad have returned to the country, a 13.3% increase compared to the same period last year. Additionally, 151,411 vehicles have entered Morocco, marking a 3.56% rise. These figures were presented during the government council meeting on Thursday by Nasser Bourita, Minister of Foreign Affairs, African Cooperation, and Moroccans Residing Abroad. He underscored the commitment of all involved stakeholders to ensuring the success of this year's operation and its smooth unfolding «under the best possible conditions». Speaking at a press briefing following the meeting, government spokesperson and Minister Delegate in charge of Relations with Parliament, Mustapha Baitas, emphasized that «all material, human, logistical, and organizational resources have been mobilized to ensure the operation's success», as part of a «participatory approach involving various stakeholders, including government departments, public institutions, security services, local authorities, and the Mohammed V Foundation for Solidarity». Baitas also noted that July 14 saw a peak in arrivals, with 68,976 passengers recorded that day alone. Daily entries have exceeded 67,000 Moroccan expatriates in the past week and are expected to rise further in the coming days. To support the increased traffic, maritime operations have been scaled up with 29 ships operated by seven ferry companies across 12 routes linking Moroccan ports to those in Spain, France, and Italy. The system offers a total capacity of 7.3 million passengers and 2 million vehicles, an increase of 3% from last year. Air travel capacity has also been boosted to accommodate 500,000 passengers per week. Furthermore, 59 airlines have been authorized to operate 2,135 weekly flights between Moroccan airports and 141 international destinations. On the infrastructure front, 530 million dirhams have been invested in improving port and airport facilities, particularly in the ports of Tanger Med, Nador, Al Hoceïma, and Tangier city, to enhance reception conditions for returning travelers.
