Visa, a global leader in payments, has made strategic investments in four African fintech startups that recently completed its Africa Fintech Accelerator program. Though the investment amounts were not disclosed, Visa highlighted that these moves are part of its broader mission to fuel digital innovation and financial inclusion across Africa, advancing growth in the continent’s fintech sector.
The four startups selected for investment represent a diverse range of solutions across various African markets:
- Oze (Ghana) – This Ghana-based fintech provides SMEs with digital tools for record-keeping and embedded financial services, helping small businesses manage transactions, secure affordable capital, and grow. Oze also offers a loan management platform, using machine learning to enhance credit scoring and boost access to loans for MSMEs.
- Workpay (Kenya) – Operating from Kenya, Workpay delivers a cloud-based payroll and HR platform to support the complete employee lifecycle. Their offerings include payroll processing, time tracking, benefits administration, performance management, and “employer of record” services, extending across 35 African countries.
- OkHi (Nigeria) – This Nigeria-based startup is transforming address verification with its smart addressing system. By providing accurate digital addresses, OkHi improves delivery logistics and increases access to financial services for individuals and businesses alike.
- ORDA (Pan-African) – With a focus on the restaurant industry, ORDA serves more than 1,500 restaurants across Nigeria, Kenya, and South Africa with cloud-based software for order processing, inventory management, and financial services, empowering restaurants to optimize operations and scale.
Looking ahead, the second cohort of startups in the Visa Africa Fintech Accelerator will have the chance to pitch their innovations to an audience of venture capitalists, angel investors, and ecosystem partners at a “Demo Day” on December 2, 2024, in Cape Town, South Africa. The accelerator, a three-month intensive program, offers participants tailored mentorship, training, and access to funding and partnership opportunities.
Launched in 2023, Visa’s accelerator program supports startups from Seed to Series A stages, aligning with the company’s 2022 pledge to invest $1 billion in Africa by 2027. Godfrey Sullivan, Visa’s Senior VP of Products, Partnerships, and Digital Solutions for Central and Eastern Europe, Middle East, and Africa, expressed Visa’s commitment to advancing financial inclusion on the continent. “These investments underscore Visa’s dedication to nurturing Africa’s fintech potential and driving digital transformation alongside some of the continent’s brightest innovators,” he stated.
Additional funding and commercial partnerships with program graduates are in the works, and Visa will announce them soon. Visa’s accelerator program is also supported by Amazon Web Services (AWS), which provides free cloud services to participants.
