Safaricom, in collaboration with M-PESA Africa and Sumitomo Corporation, has announced the selection of nine innovative startups for the Spark Accelerator Program, providing a platform for entrepreneurs to expand and develop their businesses.
Last year, Safaricom joined forces with M-PESA Africa and Sumitomo Corporation, a Fortune 500 multinational trading and business investment entity. This partnership led to the establishment of the Spark Accelerator following approval from Safaricom’s board and shareholders to reorganise the Spark Fund. The accelerator will harness a team of founders and specialists to expedite product innovation across diverse industry sectors.
The selected startups emerged from a rigorous application process, spanning various sectors such as Embedded Finance, Future Fintech, SME Productivity Tools, and Content. Through a combination of training, mentorship, and go-to-market support, the Spark Accelerator is adopting an ecosystem-based approach to provide these startups with access to markets, technology, product development support, and capital.
CEO of Safaricom, Peter Ndegwa stated, “Leveraging technology to drive meaningful innovation is a strong premise under which the Spark Accelerator program was founded. 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.”
The first cohort of the Spark Accelerator will include two startups in the Embedded Finance category: Nobuk, which simplifies financial reporting for African groups and collectives by streamlining payment collection and reconciliation, and Chumz, which uses mobile money, gamification, and behavioural psychology to build a community of savers.
Among the four SME Productivity Tools startups are Chpter, which streamlines social platform sales and marketing through AI automation; Faidi HR, offering comprehensive cloud-based HR solutions; Churpy, which automates CFO office tasks; and Twiva, connecting brands with markets via social media influencers.
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HealthX Africa, a data-driven primary health care provider offering hybrid digital and physical touchpoints to provide a doctor for every Kenyan, and BlackRhino VR, enabling creators and brands to tell immersive and interactive stories, were shortlisted under the content category. VunaPay, a platform for Agricultural Cooperatives that facilitates instant payment to smallholder farmers for produce delivered to cooperatives, was shortlisted under the Future Fintech category.
Speaking on the partnership, Katsuya Kashiki, General Manager of Smart Communication Platform SBU, Sumitomo Corporation, noted, “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, human resource development, and a more prosperous life through supporting and collaborating with advanced startups.”
