The growing push for financial inclusion in Africa has attracted another major investment. Visa, world’s second-largest card payment processor, on November 5 committed $1 billion to four fintech startups to promote innovation, service accessibility and the expansion of fintech services across the continent. The enormous investment demonstrates Visa’s confidence in Africa’s financial potential to generate substantial returns.
The four companies are OkHi, an innovative startup utilising AI for address verification services; Oze, a Ghanaian business banking platform; Orda, a Nigerian startup focused on restaurant technology solutions; and WorkPay, a Kenyan HR and payroll administration company.
They emerged as the lucky four out of the 23 businesses that participated in Visa’s Africa Fintech Accelerator program, which began in June 2023.
OkHi, Oze, Orda and Workpay were deemed strategic and could leverage technology to enhance financial inclusion both in their local market and across the continent.
Visa’s Accelerator Program: Empowering Startups Across Africa
According to the card payment firm, the Accelerator Program “was created to help startups unlock their growth potential and scale across the Asia Pacific region, by collaborating on joint solutions that address the biggest opportunities in digital payments.”
It is semi-annual and has continually given participants mentorship opportunities and technology credits for the past four years. This support is focused on providing businesses with an opportunity to pitch to potential investors on the Demo Day.
Visa has highlighted areas of interest, including Embedded Finance, Artificial Intelligence (AI)/ Generative AI, Global Money Movement, Digital Acceptance for MSMBs, and Loyalty of the Future.
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By supporting early-stage fintechs, Visa is working to bridge the gap for millions in Africa who lack access to formal banking services. The selected startups will receive tailored mentorship, access to the firm’s global network, and the tech tools necessary to scale their innovative solutions. The investment underscores Visa’s belief in the transformative potential of fintech to build resilient, inclusive economies and demonstrates its dedication to Africa’s digital future.
“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,” said Godfrey Sullivan, Senior Vice President of Products, Partnerships, and Digital Solutions.
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Businesses that have benefited from this program include Curlec, Cymonz, Kadmos, Transpure, Doxa, Digitsecure, and others. The current cohort comprises diverse businesses, including iFarmer, Opplane, iPiD, Quqo, and others.
Although the application window for the 2024 cohort is now closed, the firm encouraged fintech startups across Africa to check their website regularly for future opportunities. Businesses interested in participating in subsequent rounds can apply via Visa’s website.
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For the startups, the investment represents more than just capital. WorkPay’s Co-Founder and CEO, Paul Kimani, noted: “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.”