Visa’s Big Bet on Four African Start-ups: Strategic Investments Fuel Fintech Growth

The four dynamic start-ups span various sectors and geographies: Ghana’s Oze, providing digital tools to empower SMEs; Kenya-based Workpay, an HR tech platform optimizing payroll management; Nigeria’s OkHi, which is redefining digital identity with smart addressing systems; and ORDA, a cutting-edge cloud-based restaurant software that’s already digitized over 1,500 eateries across Nigeria, Kenya, and South Africa.

Driving Financial Inclusion and Growth

Godfrey Sullivan, Senior Vice President of Products, Partnerships, and Digital Solutions at Visa CEMEA, emphasized the strategic significance of these investments. “At Visa, we see these partnerships as a powerful catalyst to expand financial access and inclusion. We are excited to back these start-ups as they push forward with their mission of building a more interconnected Africa,” Sullivan said.

Visa’s investments aren’t stopping here; the company hinted at further funding and commercial collaborations in the pipeline for the graduates of its accelerator program.

Empowering Start-ups: Founders Share Their Vision

The news was met with enthusiasm from the start-up founders. Meghan McCormick, CEO of Oze, expressed her excitement: “This investment is a pivotal milestone in our journey. It equips us with the resources to scale our innovations, ensuring we can continue empowering SMEs across the continent a mission that’s at the core of what we do.”

For OkHi, this partnership marks a major step forward in their journey. Co-founder and CEO Timbo Drayson shared, “We are thrilled to have Visa on board as we push the boundaries of what’s possible in identity verification. This collaboration brings us closer to realizing our vision of transforming digital addresses and authentication in Africa.” ORDA’s co-founder Guy Futi echoed the sentiment: “Visa’s investment is a vote of confidence in our vision to revolutionize the restaurant industry across Africa. Together, we’re setting the stage for innovation, one order at a time.” Similarly, Paul Kimani, CEO of Workpay, highlighted the value of the collaboration: “Having a global payments leader like Visa in our corner gives us the boost we need to streamline backend processes and deliver cutting-edge solutions to businesses across Africa.”

Accelerating Fintech Innovation: Visa’s Commitment to Start-ups

Launched in 2023, the Visa Africa Fintech Accelerator program is a rigorous, three-month initiative tailored for early-stage start-ups from Seed to Series A stages. Participants benefit from one-on-one mentorship, specialized training, and unparalleled access to funding and partnership opportunities. Adding even more value, Amazon Web Services (AWS) supports the program by offering free cloud services to cohort participants, further enhancing their tech capabilities.

The accelerator's second cohort is set to showcase their game-changing innovations on December 2 in Cape Town, during a much-anticipated demo day. This event will attract venture capitalists, angel investors, and key industry stakeholders, providing the perfect stage for these start-ups to secure the partnerships and funding needed to scale their businesses.