Visa, a global leader in digital payments, has recently announced strategic investments in four African startups from its inaugural Visa Africa Fintech Accelerator program, underscoring its commitment to advancing fintech innovation and financial inclusion across the continent. The startups, representing some of Africa’s brightest fintech innovators, have been selected from Visa’s accelerator cohort to receive this pivotal funding to expand their solutions and impact.
Visa’s Africa Fintech Accelerator was launched in 2023 to provide critical support to startups in their Seed to Series A stages, a crucial time when businesses are looking to gain traction and grow. The program, which spans three months, offers mentoring, training, and opportunities for funding and partnership, creating a launchpad for startups committed to addressing Africa’s unique financial challenges through technology. These investments also align with Visa’s broader goal of infusing $1 billion into Africa by 2027, underscoring a robust commitment to the continent’s digital transformation journey.
Meet the Four Startups Shaping Africa’s Fintech Landscape
The four startups receiving investment from Visa are Oze, Workpay, OkHi, and ORDA. Each startup brings a unique innovation to the fintech space, targeting distinct needs within the African business and consumer landscape. Let’s take a closer look at each of these companies and how their solutions aim to change the face of digital finance in Africa.
- Oze (Ghana): Revolutionizing Small Business Finance
- Ghana-based Oze provides digital record-keeping tools and embedded finance products to small and medium-sized enterprises (SMEs) across Africa. By helping businesses manage their transactions and access affordable capital, Oze plays a critical role in improving financial access for underserved small business owners.
- Oze also offers a Loan Management System (LMS) that leverages machine learning to enhance credit scoring for lending institutions, empowering financial institutions to make better-informed lending decisions. This feature is instrumental in broadening credit access for micro, small, and medium enterprises (MSMEs), a sector often marginalized by traditional banks due to credit risk concerns.
- According to Meghan McCormick, CEO of Oze, Visa’s investment will help Oze scale its solutions to reach more African entrepreneurs, providing them with the resources they need to thrive. “This investment marks a pivotal moment in our journey, enabling us to continue supporting MSMEs across Africa,” McCormick noted.
- Workpay (Kenya): Streamlining HR and Payroll Across Africa
- Workpay, headquartered in Kenya, is an HR tech firm offering a comprehensive cloud-based platform that manages the entire employee lifecycle. From payroll processing and time tracking to employee benefits administration, Workpay’s platform simplifies backend processes for businesses in over 35 African countries.
- By providing a robust Employer of Record (EoR) solution, Workpay allows businesses to expand across borders without the complexities associated with local compliance and HR management. This feature is particularly valuable for international companies seeking to establish a footprint in Africa, as well as for African companies looking to expand across the continent.
- CEO Paul Kimani expressed excitement about Visa’s involvement, stating, “We are happy to have Visa in our corner. As a trusted leader in digital payments, Visa’s support pushes us toward our goal of delivering innovative solutions and streamlining backend processes for all.”
- OkHi (Nigeria): Transforming Addressing and Verification
- OkHi, a smart addressing system based in Nigeria, addresses one of Africa’s biggest logistical challenges: the lack of reliable address systems. By providing digital address verification, OkHi enables businesses to collect and verify accurate addresses, enhancing delivery efficiency and making it easier for individuals to access financial services.
- This innovative system improves not only the logistics of e-commerce but also the accuracy and security of identity verification, which is essential for various financial services. As OkHi expands, it is expected to enhance access to digital services across Africa’s cities and remote regions.
- “We are thrilled to welcome Visa onboard as we continue to redefine what’s possible through our identity verification solutions,” shared OkHi co-founder and CEO Timbo Drayson.
- ORDA (Nigeria, Kenya, South Africa): Modernizing Restaurant Operations
- ORDA is a cloud-based restaurant software provider that digitizes operations for over 1,500 restaurants across Nigeria, Kenya, and South Africa. ORDA’s tools enable restaurants to process orders, manage inventory, and access financial services, helping businesses optimize operations and improve profitability.
- By providing these digital tools, ORDA empowers restaurants to deliver a seamless customer experience while enhancing operational efficiency. As the restaurant industry in Africa grows, ORDA’s solutions are helping to modernize the sector, creating a more sustainable business model for local entrepreneurs.
- “We are proud to have an established payments leader such as Visa be part of our growth journey,” said Guy Futi, ORDA’s co-founder. “We look forward to driving innovation together, one order at a time.”
Visa’s Commitment to Africa’s Fintech Future
These strategic investments align with Visa’s long-term vision to support Africa’s burgeoning digital ecosystem. Africa has witnessed tremendous growth in digital finance in recent years, fueled by mobile money solutions and increasing smartphone penetration. However, challenges remain, particularly in areas like access to credit, streamlined payroll, reliable addresses, and efficient business operations for SMEs.
Visa’s $1 billion commitment to Africa by 2027 underscores its belief in Africa’s potential as a global fintech powerhouse. According to Godfrey Sullivan, Senior Vice President of Products, Partnerships, and Digital Solutions for Visa CEMEA, the investment demonstrates Visa’s dedication to supporting innovation on the continent. “Visa sees each investment as a unique opportunity to drive financial access and inclusion,” he shared. “We are proud to support these startups as they work toward a more connected Africa.”
The Impact of Visa’s Accelerator Program on African Startups
The Visa Africa Fintech Accelerator program plays a crucial role in nurturing African startups by providing them with the tools, mentorship, and funding needed to scale their businesses. Since its inception in 2023, the program has supported fintech innovators in Seed to Series A stages, focusing on solutions that drive financial inclusion and digital adoption across Africa.
The Accelerator program goes beyond traditional funding, offering an immersive, three-month experience that connects startups with industry experts, mentors, and investors. In addition, program participants receive free cloud services from Amazon Web Services (AWS), enabling them to build and scale their solutions efficiently.
Visa’s Broader Fintech Vision in Africa
Visa’s investment strategy in Africa is multifaceted, targeting key areas like digital payments, cross-border transactions, and cybersecurity. By supporting companies like Oze, Workpay, OkHi, and ORDA, Visa is investing in digital solutions that address real-life challenges on the continent, creating an ecosystem that facilitates secure and accessible financial transactions.
With the African fintech sector projected to grow significantly in the coming years, Visa’s investments in these startups signal its confidence in the market’s potential. By providing both funding and resources, Visa is enabling African fintechs to compete on a global scale, positioning the continent as a leader in digital financial solutions.
Africa’s Fintech Boom and the Role of Global Partnerships
Africa has been a focal point for fintech investments in recent years, with an ecosystem that supports mobile payments, digital wallets, and blockchain-based solutions. According to reports, Africa’s fintech market is expected to reach $150 billion by 2025, driven by a young population, rapid urbanization, and increasing mobile phone penetration.
Partnerships with global organizations like Visa are essential to sustaining this growth, as they bring not only funding but also expertise in global payment systems, cybersecurity, and digital innovation. Visa’s presence in the African market not only promotes innovation but also helps local businesses scale and operate within international standards, fostering trust and confidence in digital solutions.
What’s Next: Demo Day and the Future of African Fintech
The Visa Africa Fintech Accelerator program’s second cohort is scheduled to showcase its progress on December 2nd at a Demo Day event in Cape Town, South Africa. The event will provide the graduating startups with an opportunity to present their capabilities to a diverse audience of venture capitalists, angel investors, business partners, and other ecosystem enablers.
This Demo Day highlights Visa’s commitment to fostering a vibrant fintech ecosystem in Africa. By bringing together investors and innovative startups, Visa is not only providing a platform for funding but also cultivating an environment of collaboration and knowledge-sharing that will benefit the entire industry.
Visa’s investments in African fintech startups mark a significant milestone in Africa’s journey toward digital transformation. By supporting startups like Oze, Workpay, OkHi, and ORDA, Visa is advancing financial inclusion and empowering businesses across the continent with the tools they need to thrive in a digital-first world.
As Africa’s fintech sector continues to evolve, partnerships like these will play a crucial role in shaping a future where financial services are accessible, secure, and inclusive for all. Visa’s accelerator program, investments, and support for African startups reflect a strategic commitment to a digitally empowered Africa—an Africa where technology drives economic growth, enhances livelihoods, and promotes greater financial access.
Visa’s vision for Africa’s fintech future goes beyond financial returns; it’s a commitment to creating sustainable change that will benefit individuals, businesses, and economies across the continent.
