Visa has invested in four standout African startups that recently graduated from the inaugural class of its Africa Fintech Accelerator program.
Although the company hasn’t disclosed the specific investment amounts, Visa confirmed the funding is part of its strategy to drive fintech growth and broaden financial access in Africa.
Meet the Startups
- Oze (Ghana): Oze equips small and medium enterprises (SMEs) with digital tools for record-keeping and embedded finance. It offers a loan management platform for financial institutions with machine learning-powered credit scoring, allowing MSMEs to access affordable capital and fueling their growth.
- Workpay (Kenya): This HR tech company provides a cloud-based payroll and HR platform serving 35 African countries. Workpay streamlines payroll, time tracking, benefits administration, and even “employer of record” services, helping businesses manage the full employee lifecycle seamlessly.
- OkHi (Nigeria): OkHi’s smart addressing system enables accurate address verification, helping businesses verify and locate customers more efficiently. This innovation aids delivery logistics and improves access to services, especially for financial institutions.
- ORDA (Nigeria, Kenya, South Africa): ORDA is digitizing restaurant operations for over 1,500 establishments with cloud-based solutions for order processing, inventory management, and integrated financial services, helping restaurants streamline operations and scale.
Looking Ahead: Demo Day for Cohort 2
Graduates from the accelerator’s second cohort will pitch their solutions to an audience of investors, partners, and ecosystem enablers during a Demo Day on December 2, 2024, in Cape Town. The accelerator program, launched in 2023, provides three months of mentorship, training, and funding opportunities for Seed to Series A startups.
A Billion-Dollar Commitment to Africa
The Visa Africa Fintech Accelerator aligns with Visa’s $1 billion investment pledge, announced in 2022, to expand its presence, deploy new technologies, and drive partnerships across Africa. As part of this commitment, Visa opened its Innovation Studio in Nairobi, which provides a collaborative space for fintechs and developers to shape the future of digital payments in Africa.
What They’re Saying
Visa’s investments in African startups, including further commercial partnerships still in the pipeline, underscore its support for fintech innovation.
- “These investments are a substantial step for Visa,” said Godfrey Sullivan, Visa’s senior VP of products, partnerships, and digital solutions for CEMEA. “We’re backing Africa’s brightest fintech minds to reshape the digital payment landscape.”
Source: Connecting Africa
