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    Home»Startups»FinTech»Ghana-based Oze Raises Funding From Visa and DEG, Aims To Bolster AI Lending For African SMEs
    FinTech

    Ghana-based Oze Raises Funding From Visa and DEG, Aims To Bolster AI Lending For African SMEs

    Samuel IgeBy Samuel IgeFebruary 27, 2025Updated:August 30, 2025No Comments3 Mins Read
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    The Oze Team. Image Credits: Oze

    Ghanaian fintech startup, Oze, has announced the completion of a new funding round which saw participation from payments hegemon, Visa, and German development finance institution DEG (Deutsche Investitions- und Entwicklungsgesellschaft). The funding was also backed by existing investors like Speedinvest and Africinvest through its Cathay AfricInvest Innovation Fund.

    Oze was launched in 2018, seeking to streamline the lending process and mitigate risks associated with SME financing which is considered an high-risk venture by traditional lenders. At the moment, Oze operates across eight African nations including Ghana, Nigeria, and Rwanda, partnering with commercial banks like Ecobank to extend its reach. The company employs a double pivot approach that offers business management software for SMEs and digital lending systems for financial institutions. The business management software allows SMEs to track sales, expenses, and customer data.

    Oze has garnered industry recognition due to its data-driven methodology and financial inclusion. The company reached the finals of the prestigious Mikken Motsepe Prize for Fintech, a competition that offered a $1 million prize for innovative solutions for expanding financial access in emerging markets.

    Fabrice Konan, Visa’s Country Manager for Ghana, said “Visa is committed to fostering innovation and financial inclusion across Africa, and Oze’s vision aligns perfectly with that mission. Their approach to enabling digital lending for underserved small businesses is transformative, and we are excited to partner with them to drive this change.”

    Dr. Tobias Bidlingmaier, Head of Up-Scaling at DEG, mentioned the broader economic potential of Oze’s technology. “Oze’s technology has the potential to unlock financial opportunities for millions of small businesses in Africa, creating sustainable development and fostering inclusive growth. We are proud to support their expansion,” he commented.

    Co-founder and CEO Meghan McCormick explained that the capital will accelerate the company’s mission to empower African SMEs. “By scaling our Lending Management System, we can help more financial institutions unlock the potential of SMEs and drive financial inclusion at an unprecedented scale,” she said.

    Oze aims to scale its Lending Management System (LMS) with the fresh capital. This platform will allow financial institutions like traditional banks, microfinance entities, and digital lenders to offer unsecured digital loans to small and medium-sized enterprises. Oze’s machine-learning credit risk algorithm underpins the LMS, promising more efficient and data-driven lending decisions in a region where access to finance for SMEs remains a critical bottleneck.

    Visa’s invested in Oze based on its broader strategy of engaging with and investing in the African fintech landscape, recognising the continent’s rapid digital transformation and the potential for innovative payment and financial solutions. For DEG, the investment aligns with its mandate to support sustainable economic development and private sector growth in emerging economies.

    African Startups FinTech Funding
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    Samuel Ige

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