Visa recently announced strategic investments in four African fintech startups—Oze, Orda, WorkPay, and OkHi—as part of its $1 billion commitment to enhance financial inclusion across Africa. This investment is part of Visa’s Africa Fintech Accelerator program, launched in June 2023. The program selected these startups from a group of 23 participants in its first cohort, chosen for their innovative solutions to improve financial access and empower small businesses.
The Selected Startups:
- Oze (Ghana): A business banking platform that supports small businesses with financial tools.
- Orda (Nigeria): A technology provider for restaurants, streamlining their operations.
- WorkPay (Kenya): Offers HR and payroll solutions, easing workforce management for companies.
- OkHi: An AI-based address verification service that aims to improve the reliability of physical addresses.
Visa’s Africa Fintech Accelerator program provides mentorship, technology credits, and investment opportunities, with the goal of fostering scalable financial technology solutions that drive inclusion across the continent. The second cohort, which includes startups like Raenest and Beem, will showcase their progress at a Demo Day in December 2024. Meanwhile, Visa has also initiated a third cohort, bringing in new startups like Bumpa, Kredete, WeWire, and Umba.
Visa’s continued support reflects the growing investment in Africa’s fintech sector, as the company aims to enable secure, efficient digital payments and services for underserved communities across Africa.