Visa has announced its investment in four African startups, all of which are graduates from the first cohort of its Africa Fintech Accelerator program.
The Ghana-based startup Oze, Kenya’s Workpay, Nigeria’s OkHi, and ORDA, which operates in Nigeria, Kenya, and South Africa, have all benefited from this investment.
Although the specific amount of the investment has not been disclosed, it’s seen as a positive step for advancing financial technology in Africa.
Oze provides digital record-keeping and integrated financing tools for small and medium-sized enterprises. It supports micro and small businesses by offering affordable capital access to fuel their growth.
Workpay, on the other hand, is a human resources tech company. It offers a cloud-based HR platform that operates in 35 African countries, aiming to assist in seamless management of processes such as time tracking, benefits administration, and payroll.
ORDA helps over 1,500 restaurants streamline operations like order processing and inventory management using cloud technology.
OkHi, meanwhile, connects customers with businesses through accurate address matching.
Visa had previously made a $1 billion investment commitment in 2022 to strengthen partnerships across Africa, and this investment seems to be related to that pledge.
Visa’s support in the fintech sector, along with its ongoing commercial partnerships, highlights the company’s strong connections in this area.
Godfrey Sullivan, Visa’s senior vice president of products, partnerships, and digital solutions for CEMEA, made the following comments about the financial support:
“These investments are a substantial step for Visa. We’re backing Africa’s brightest fintech minds to reshape the digital payment landscape.”