Visa, the global payments giant, has made strategic investments in four innovative African startups, taking a significant step in its ambitious $1 billion commitment to enhance financial inclusion across the continent. Announced on Thursday, this investment highlights Visa’s focus on fostering financial technology solutions that cater to Africa’s unique market needs.
The four startups selected—Oze, Orda, WorkPay, and OkHi—were part of Visa’s Africa Fintech Accelerator program, which launched in June 2023 to support and empower Africa’s most promising fintech innovators. The accelerator program brought together 23 startups, providing them with mentorship, technology credits, and a platform to connect with potential investors at the Demo Day. Out of these 23, only these four were chosen for Visa’s strategic investment, spotlighting their potential to reshape financial services on the continent.
Each of the selected startups addresses critical aspects of financial inclusion. Ghana-based Oze offers business banking solutions tailored for small and medium-sized enterprises, while Nigeria’s Orda supports restaurant operators with essential tech tools. Kenyan firm WorkPay delivers HR and payroll management services, and OkHi, also based in Kenya, utilizes AI to offer reliable address verification, a significant need for businesses in areas lacking formal address systems.
“Our goal has been to uplift the brightest that are building solutions to unlock money movement, empower merchants and SMBs, and support financial inclusion in the continent,” Visa stated in a LinkedIn post about the accelerator program.
Meanwhile, startups in the second cohort, such as Raenest, Beem, and E-Doc, are gearing up to pitch to Visa and other investors at an upcoming Demo Day in December 2024. Visa has also kicked off the third cohort, welcoming companies like Bumpa, Kredete, WeWire, Umba, and 18 others, as the accelerator program continues to fuel innovation and financial access across Africa.
Through these targeted investments, Visa aims to drive scalable solutions that empower African businesses and consumers, reflecting the company’s long-term commitment to financial inclusion in the region.
