By Vriti Gothi
Today
- Africa
- AI
- Digital Banking
As South Africa’s financial services landscape undergoes rapid digital transformation, black-owned FinTechs are emerging as key drivers of inclusive innovation.
Recognising their critical role in fostering economic growth and digital equity, the Sanlam Group, in collaboration with business development firm Edge Growth and the Sanlam Foundation, has launched a dedicated Enterprise and Supplier Development (ESD) Accelerator Programme aimed at scaling high-potential FinTech startups.
The 18-month programme is structured to provide comprehensive business support at no financial cost to participating entrepreneurs. Targeted at 51% black-owned FinTechs operating in or adjacent to the insurance sector, the programme offers a high-touch blend of strategic coaching, access to corporate market opportunities, and the potential for grant funding, all requiring a manageable eight-hour monthly commitment.
What sets the Sanlam ESD Accelerator apart is its integrated approach. Participants benefit from hands-on workshops, high-impact masterclasses by business growth experts, one-on-one coaching sessions with seasoned tech entrepreneurs, and access to advisory boards that provide strategic insight. In addition to business support, the programme offers a rare gateway to test and pitch solutions to large corporate buyers, a critical component in overcoming the market access barrier that many early-stage startups face.
The programme’s impact is already evident. Previous cohorts have achieved an average revenue growth of over 40%, underscoring their value as a catalyst for sustainable scale.
A standout success story from the programme is Vuso Technology, a 100% black-owned ERP solutions provider founded in 2019 by brothers Sipho and Sifiso Mavuso. Despite strong credentials in accounting and early certification in Sage systems, the company initially struggled with brand visibility and breaking into enterprise markets.
Their turning point came in 2023 when they joined the Sanlam Group ESD Accelerator. With support from the programme, Vuso redefined its go-to-market strategy, revamped its branding — including a new logo and website and received operational support, including a R25,000 grant to acquire an inverter to maintain uptime during load-shedding. These enhancements led to a substantial boost in operational efficiency and helped the firm secure a three-year private sector contract.
Now poised for further growth, Vuso Technology plans to become Oracle-certified and double its team size from five to ten employees, with a parallel focus on skills development to support local talent.
The ESD Accelerator is now accepting applications from black-owned FinTech companies with scalable solutions tailored for the insurance industry. Businesses must be post-revenue and ready to commit to the full 18-month programme to qualify.
As South Africa’s FinTech ecosystem matures, targeted initiatives like the Sanlam ESD Accelerator are playing an instrumental role in ensuring that transformation is not only digital but inclusive empowering a new generation of innovators to lead in high-value, tech-driven sectors.