Dubai-based fintech startup Enza has just secured $6 million in seed funding to help African banks and fintechs improve their payment infrastructure.
Founded in 2022 by ex-Network International executives Hany Fekry and Hamish Houston, the company is stepping in to ensure traditional banks don’t get left behind in the fast-moving fintech revolution.
Fintech startups have shaken up Africa’s financial sector, offering fast, digital-first solutions that have left traditional banks struggling to keep up. Enza wants to change that by giving banks the tools they need to compete, not just survive.
How Enza Works
Enza’s platform is designed to support both sides of the payment process—issuing and acceptance. This means banks and fintechs can offer local payment solutions, including:
- Card payments
- Real-time transactions
- Other digital payment methods
Rather than just focusing on merchant payments (like most processors do), Enza provides a full-scale solution that integrates seamlessly with existing financial systems. The company is starting with Egypt, Nigeria, and South Africa—three of Africa’s largest financial markets.
Why Payments Matter for Financial Inclusion
For small businesses across Africa, the ability to accept digital payments is often the first step toward financial growth. Enza’s strategy is built around two key benefits:
| Key Benefit | How It Helps |
|---|---|
| Lower Costs for Businesses | Makes it easier for small businesses to accept digital payments. |
| Smarter Banking | Uses payment data to help banks offer lending, savings, and insurance products. |
“Payments are the gateway, but the value is in the data and services you can layer on top,” said Enza executive director Andrew Key.
“Banks have realized they gave up too much ground to fintechs. We want to give them the tech to compete and win it back,” added co-founder Hamish Houston.
Even though fintech giants like Flutterwave and Moniepoint have made huge strides, banks still play a critical role in Africa’s financial ecosystem. They’re highly regulated and remain the backbone of payment networks. Enza helps them regain visibility and control over transactions while staying connected to major global and regional payment schemes like Visa, Mastercard, and others.
Enza is already making an impact, with:
- Over 10 million monthly contracted transactions across six African markets, including Nigeria, Ghana, and South Africa.
- 35-40% month-over-month transaction growth, with plans to double volumes in two years.
- Funding from Algebra Ventures and Quona Capital to expand its team and roll out new banking solutions across Africa.
“We founded Enza to solve real infrastructure problems,” said CEO Hany Fekry. “We want African communities to access financial products as easily as people in Europe or the U.S.”
With strong growth and investor backing, Enza is well on its way to reshaping Africa’s banking landscape. By giving banks the right tools, they’re making sure financial institutions can thrive in a world that’s increasingly going digital.
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