Sylvia Duruson
Visa, the world’s second-largest card payment processor, has made strategic investments in four African startups as part of its plan to invest $1 billion to drive financial inclusion in the continent. These startups are part of Visa’s biannual Africa Fintech Accelerator program, which launched in June 2023.
The first cohort of the accelerator program admitted 23 startups and provided them with mentorship, technology credits, and opportunities to connect with potential investors during the Demo Day event. From this cohort, only four startups were selected for strategic investment by Visa.
The selected startups are Oze, a Ghanaian business banking platform; Orda, a Nigerian restaurant technology startup; WorkPay, a Kenyan HR and payroll management firm; and OkHi, a startup that provides address verification services using AI.
According to Visa, the goal of the Africa Fintech Accelerator program is “to uplift the brightest that are building solutions to unlock money movement, empower merchants and SMBs, and support financial inclusion in the continent.”
The second cohort of the accelerator program, which includes startups like Raenest, Beem, E-Doc, and others, will pitch to Visa and other investors during a Demo Day scheduled for December 2024. Additionally, Visa has kicked off the third cohort of the program, with startups like Bumpa, Kredete, WeWire, Umba, and 18 others participating.
Visa’s strategic investments in these African startups are part of the company’s broader initiative to invest $1 billion to drive financial inclusion in the continent. This move reflects the company’s commitment to supporting the growth and development of the fintech ecosystem in Africa, which has witnessed a surge in innovation and entrepreneurial activity in recent years.
By providing mentorship, technology credits, and access to potential investors, the Africa Fintech Accelerator program aims to empower the next generation of fintech leaders in Africa. These strategic investments in promising startups will not only contribute to the growth of the fintech sector but also unlock new opportunities for financial inclusion, empowering merchants, and supporting small and medium-sized businesses across the continent.
Visa’s engagement with the African fintech ecosystem is a testament to the region’s immense potential and the company’s long-term commitment to fostering financial innovation and inclusion. As the continent continues to embrace digital transformation, Visa’s investments in these startups are poised to accelerate the pace of financial inclusion and drive sustainable economic growth in Africa.
