Visa, the world’s second-largest card payment processor, has taken another bold step to advance financial inclusion in Africa by investing in four promising fintech startups. These investments are part of Visa’s larger commitment to the continent, stemming from its $1 billion pledge made in 2022 to improve digital infrastructure and innovation across Africa by 2027.
The selected startups—Oze from Ghana, Nigeria’s Orda, Kenya’s WorkPay, and OkHi, also from Nigeria—are graduates of Visa’s Africa Fintech Accelerator program, a biannual initiative launched in 2023 to empower fintechs with funding, mentorship, and technology resources. Out of 23 initial participants, these four stood out for their unique solutions aimed at improving business operations, digital payments, and financial access.
Here’s a closer look at these game-changing fintechs:
Oze (Ghana): Oze provides digital tools for small and medium-sized enterprises (SMEs), including transaction management and access to capital. Its machine learning-based credit scoring system helps financial institutions extend loans to underserved SMEs.
WorkPay (Kenya): This cloud-based HR and payroll platform helps firms with payroll processing, employee benefits administration, and time tracking, with services reaching across 35 African countries. WorkPay also offers “employer of record” services and support businesses in managing international workforces efficiently.
OkHi (Nigeria): OkHi’s unique addressing system helps businesses accurately verify and navigate to user locations, which is important for delivery services and financial providers needing verified addresses for access and security.
Orda (Nigeria): Orda specializes in cloud-based restaurant management software, supporting over 1,500 restaurants across Nigeria, Kenya, and South Africa. The platform streamlines order processing, inventory management, and financial services, enhancing operational efficiency and enabling growth.
The Visa Africa Fintech Accelerator program, designed for Seed to Series A startups, provides promising participants with intensive mentorship, training, and support for scaling operations. The second cohort of the accelerator will showcase their solutions in Cape Town at an upcoming Demo Day, where they will pitch to potential investors.
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2 replies on “Visa Strengthens African Fintech with Strategic Investments in Four Startups”
[…] as the European Investment Fund, British Business Investment, and Visa Foundation—which is also investing in African startups— Bootstrap Europe hopes to become a key partner for African […]
[…] payment giant, Visa also recently invested in four African fintech startups as part of its drive to improve digital infrastructure and innovation across Africa by […]