Visa, the global digital payments giant, has recently injected fresh funding into four standout African fintech startups. These startups graduated from Visa’s first-ever Africa Fintech Accelerator program, showcasing Visa’s dedication to supporting Africa’s digital innovation. This investment aligns with Visa’s commitment to expanding financial access and accelerating fintech growth in Africa.
Meet the Funded Startups
Oze (Ghana)
Oze, based in Ghana, provides small and medium enterprises (SMEs) with digital record-keeping tools and embedded finance options. Its platform uses machine learning for credit scoring, enabling MSMEs to access affordable loans and expand their operations.
Workpay (Kenya)
Operating in 35 African countries, Workpay offers a cloud-based payroll and HR management platform. It simplifies payroll, time tracking, and benefits administration, even offering “employer of record” services. These solutions allow businesses to manage employee lifecycles efficiently.
OkHi (Nigeria)
OkHi, headquartered in Nigeria, has developed a smart addressing system that ensures accurate address verification. This innovation aids businesses, particularly in logistics and financial services, by enhancing delivery efficiency and customer location verification.
ORDA (Nigeria, Kenya, South Africa)
ORDA’s cloud-based solutions streamline restaurant operations for over 1,500 establishments across Nigeria, Kenya, and South Africa. The platform assists restaurants with order processing, inventory management, and integrated financial services, allowing them to scale efficiently.
Visa’s Investment In African Fintech: The Vision
According to Godfrey Sullivan, Visa’s Senior Vice President for products and partnerships, Visa aims to foster financial inclusion and innovation through these investments. “We are proud to support these startups as they work towards a connected Africa,” Sullivan stated, emphasizing Visa’s dedication to shaping the future of digital payments in Africa.
The Visa Africa Fintech Accelerator Program
Visa’s Africa Fintech Accelerator, launched in June 2023, aligns with its $1 billion pledge to expand operations across Africa by 2027. This three-month program supports startups from seed to Series A, providing mentorship, training, and funding opportunities. Following the success of the first cohort, Visa plans to begin its second cohort in January, continuing to back Africa’s growing digital economy. Participants in this program will showcase their innovations to potential investors during a Demo Day in December.
Visa’s Investment in African Fintech highlights its commitment to driving digital transformation and financial access in Africa. With ongoing support for innovative startups, Visa is playing a crucial role in Africa’s digital payments landscape.