News DeskDubai: Visa, a global leader in digital payments, announced today its strategic investments in four African startups that graduated from the inaugural cohort of the Visa Africa Fintech Accelerator program. This move underscores Visa’s commitment to promoting digital innovation and financial inclusion across the continent, with the program set to drive fintech growth and broaden financial access.
The selected startups, which operate in multiple African markets, represent diverse sectors of fintech innovation:
- Oze (Ghana) – Specializing in digital record-keeping and embedded finance products for small and medium-sized enterprises (SMEs), Oze provides tools to help businesses manage transactions, access affordable capital, and grow. The company also offers a Loan Management System (LMS) for financial institutions, using machine learning-based credit scoring to improve lending decisions and expand access to credit for micro, small, and medium-sized enterprises (MSMEs).
- Workpay (Kenya) – A cloud-based HR and payroll technology firm, Workpay enables businesses to manage payroll, time tracking, benefits administration, and performance management across 35 African countries. Their platform also offers Employer of Record services, streamlining HR functions for companies operating continent-wide.
- OkHi (Nigeria) – This digital addressing system offers location verification solutions, allowing businesses to collect, verify, and navigate to accurate addresses, improving delivery efficiency and expanding access to financial services.
- ORDA (Nigeria, Kenya, South Africa) – ORDA’s restaurant software platform serves over 1,500 restaurants, helping businesses optimize order processing, inventory management, and financial operations.
Visa’s investment marks a significant step in its pledge to bolster Africa’s digital transformation, with plans to invest $1 billion in the continent by 2027. Graduates of the accelerator’s second cohort will showcase their capabilities during a Demo Day event on December 2 in Cape Town, South Africa, attended by investors, ecosystem enablers, and business partners.
Godfrey Sullivan, Visa’s Senior Vice President of Products, Partnerships, and Digital Solutions, said, “These investments mark a substantial step for Visa – we are once again standing behind our commitment to innovation in Africa, helping to shape the future of digital payments alongside some of the brightest fintech minds that the continent has to offer.”
The Visa Africa Fintech Accelerator program, launched in 2023, is a three-month intensive initiative designed to support Seed to Series A startups through mentorship, training, and funding opportunities. Supported by Amazon Web Services (AWS), the program provides cohort participants with free cloud services to scale their operations. As Visa continues to champion African fintech, additional investments and partnerships are expected to be announced soon.
