Safaricom, in collaboration with M-PESA Africa and Sumitomo Corporation, has selected nine startups for its Spark Accelerator Program. This initiative aims to nurture visionary entrepreneurs across categories such as Embedded Finance, Future Fintech, SME Productivity Tools, and Content. The program offers comprehensive support including training, mentorship, and market access to foster significant economic and societal advancements.
Peter Ndegwa, CEO of Safaricom, emphasized the program’s commitment to leveraging technology for impactful innovations. The first cohort includes startups like Chumz and Nobuk in the Embedded Finance category, which focus on savings and financial management respectively. In the SME Productivity Tools category, selections include Chpter, Faidi HR, Churpy, and Twiva, which offer solutions ranging from automated business operations to social commerce through influencer marketing.
The content category includes HealthX Africa, which integrates digital and physical healthcare, and BlackRhino VR, which enhances storytelling through immersive virtual reality. VunaPay, serving Agricultural Cooperatives with instant payment solutions, was chosen under the Future Fintech category.
Katsuya Kashiki of Sumitomo Corporation highlighted the partnership’s goal to extend digital financial services and enhance economic growth in Kenya and Africa. Nissi Madu from iHUB/CcHUB noted the program’s focus on optimizing and scaling innovative solutions to improve quality of life in Kenya. The initiative, approved last year by Safaricom’s board, leverages a diverse team to spur product innovation in various sectors.
