Visa, the world’s second-largest card payment processor and best competitor of Mastercard, has invested in four African startups to drive financial inclusion in Africa. According to Visa, this investment is part of the company’s $1 billion initiative to promote financial inclusion in Africa.
The selected startups include Oze, a business banking platform from Ghana; Orda, a restaurant technology startup based in Nigeria; WorkPay, a Kenyan firm specializing in HR and payroll management; and OkHi, an AI-powered address verification service.
These startups are part of Visa’s biannual Africa Fintech Accelerator program, which launched in June 2023. The program admitted 23 startups and provided mentorship, technology credits, and opportunities to connect with potential investors during Demo Day. Only four of the 23 startups in the first cohort were selected for strategic investment.
Visa $1 Billion Investment in Africa
Visa aims to support innovative startups driving financial inclusion, money movement, and empowerment for merchants and SMBs across Africa with $1 billion investment.
“Our goal has been to uplift the brightest that are building solutions to unlock money movement, empower merchants and SMBs, and support financial inclusion in the continent,” the company said in a LinkedIn post about the programme.
Startups from the second cohort, including Raenest, Beem, and E-Doc, will pitch to Visa and other investors at a Demo Day in December 2024. Meanwhile, the third cohort has just launched, featuring startups like Bumpa, Kredete, WeWire, Umba, and 18 others.
