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Visa has made significant investments in four African businesses .The chosen startups are OkHi, WorkPay, Orda, and Oze .The Africa Accelerator initiative seeks to develop the continent's future leaders . As part of its $1 billion investment plan to promote financial inclusion in Africa, Visa, the second-largest card payment processor in the world, has made significant investments in four African businesses. Launched in June 2023, Visa’s biennial Africa Fintech Accelerator program includes these firms. 23 entrepreneurs were accepted into the accelerator program’s initial cohort, which also gave them technology credits, mentorship, and chances to network with possible investors at Demo Day. Only four of these firms were chosen by Visa to get strategic funding.
The chosen startups are OkHi, a startup that uses artificial intelligence (AI) to verify addresses, WorkPay, a Kenyan HR and payroll administration company, Orda, a Nigerian restaurant technology startup, and Oze, a Ghanaian commercial banking platform. “To uplift the brightest that are building solutions to unlock money movement, empower merchants and SMBs, and support financial inclusion in the continent,” is Visa’s stated mission for the Africa Fintech Accelerator program.
During a Demo Day in December 2024, the second cohort of the accelerator program—which includes companies like Raenest, Beem, E-Doc, and others—will present their ideas to Visa and other investors. Additionally, Visa has launched the program’s third cohort, which includes participation from firms Bumpa, Kredete, WeWire, Umba, and 18 others. As part of its larger plan to contribute $1 billion to promote financial inclusion in the continent, Visa has made strategic investments in seven African businesses. This action demonstrates the company’s dedication to fostering the expansion and advancement of Africa’s fintech sector, which has seen a recent uptick in innovation and entrepreneurship.
The Africa Fintech Accelerator initiative seeks to develop the continent’s future fintech leaders by offering technology credits, mentorship, and access to possible investors. In addition to helping the fintech industry expand, these calculated investments in potential firms will open up new avenues for financial inclusion, enabling merchants and assisting small and medium-sized enterprises throughout the continent. Visa’s involvement in the African fintech scene is evidence of both the region’s enormous potential and the company’s sustained dedication to promoting financial inclusion and innovation. Visa’s investments in these firms are well-positioned to quicken the pace of financial inclusion and promote sustainable economic growth in Africa as the continent continues to embrace digital revolution.
