Barclays Launches African Accelerator

December 17, 2023         By: Mike Dautner

British banking giant Barclays is launching a financial technology startup in Africa as part of its global fintech investment plan.

The bank, which has operations across the globe, has been supporting accelerator programs and fintech startups in emerging markets in many regions of the world, hoping that young entrepreneurs in developing nations can provide unique insight.

Barclays already has its own accelerators in New York, Manchester and London, in addition to join ventures in other cities.

Barclays Africa Group launched the accelerator in Cape Town, South Africa. The country is considered a key emerging market region and one of the major inroads to the Greater Africa continent. Barclays is partnering with Cape Innovation and Technology Initiative (CiTi), the owner of Bandwidth Barn.

Executives with Barclays Africa Group said they believe fintech is most definitely a disruptor to the banking industry and that embracing fintech startups, rather than fighting them, will help both parties in the long-run.

This is not the first financial technology venture that Barclays has engaged with in Africa. In July, the bank partnered with Think Rise to sponsor a three-month financial technology accelerator focused on the healthcare industry, in addition to others throughout the continent.

Many large and traditional banking institutions have begun ramping up investment and partnerships within the fintech sector, with Barclays being one of the most supportive and voracious.