Visa plans $1bn investment for African fintech

Visa, the world’s second-largest card payment firm, announced a strategic investment in four African startups as part of its $1bn commitment to expanding financial inclusion across the continent.

The move comes through Visa’s Africa Fintech Accelerator programme, launched in June 2023. The programme aims to support high-potential startups in driving Africa’s digital finance transformation.

Visa’s Senior Vice President for Products and Solutions, Godfrey Sullivan, made this disclosure in a LinkedIn post obtained on Monday.

The companies selected include Ghana’s Oze, a business banking platform; Orda, a Nigerian firm providing restaurant technology; Kenya’s WorkPay, focused on HR and payroll services; and OkHi, a Kenyan-based startup specializing in AI-powered address verification.

Sullivan said these strategic investments in the four start-ups reflect Visa’s commitment to championing digital innovation in Africa, helping drive fintech growth while bolstering financial inclusion and access.

Currently running with its third cohort, the three-month program offers participants a wide range of support in product design, marketing, finance, sales, and more, he detailed.

He stated that the programme also provides start-ups with mentoring from experts, facilitates funding for scaling promising ideas, and helps in forging powerful partnerships.

“The accelerator program aligns with Visa’s pledge to invest $1bn in Africa by 2027.

It has so far accelerated 45 start-ups and has 15 partnerships in progress involving the two cohorts. 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.

He revealed that the program is supported by Amazon Web Services, who are offering free cloud services to cohort participants.

“Companies interested in Africa are invited to join and contribute to developing the next generation of fintech innovators, experiencing the transformative power of these partnerships.”