Enza, a Dubai-based startup founded by former Network International executives Hany Fekry and Hamish Houston, is on a mission to transform the African banking landscape.

With a fresh $6 million in seed funding, Enza is building cutting-edge payment infrastructure to empower banks and fintechs across the continent.

Enza’s $6 million seed funding round was led by Algebra Ventures and Quona Capital, two firms known for backing high-growth fintechs.

But why are these seasoned leaders investing their time and capital into this ambitious vision? The answer lies in a combination of untapped opportunities, strategic foresight, and a deep understanding of the challenges facing Africa’s financial ecosystem.

Spotting the Gaps in Africa’s Payment Infrastructure

The inspiration for Enza emerged during Fekry and Houston’s time at Network International, a dominant payment processor in the Middle East and Africa.

While Network focused on merchant acquiring and card acceptance, the two executives recognised a major gap: African banks and fintechs lacked comprehensive, adaptable solutions for handling a diverse range of payment needs.

READ ALSO:

What Tala’s US$150 Million Funding Means for Mexico’s Small Business Ecosystem

A Broader Approach: Empowering Banks and Fintechs

Enza’s strategy goes beyond just facilitating payments; it is about creating an ecosystem where banks and fintechs can thrive together.

The platform integrates with both local and global payment networks, supporting a wide range of payment methods.

From local card schemes like Verve, AfriGo, and Meeza to global networks such as Visa and Mastercard, Enza ensures banks can offer diverse options to their customers.

The platform also connects with real-time payment systems like Nigeria’s NIBSS, South Africa’s PayShap, and Egypt’s InstaPay.

Moreover, Enza is tapping into alternative payment methods, including mobile money, QR codes, contactless payments, and Buy-Now-Pay-Later (BNPL) solutions.

This comprehensive approach allows Enza to serve the continent’s largest financial markets, Egypt, Nigeria, and South Africa,while providing a scalable model for future growth.

Turning Payments Into Deeper Financial Relationships

For millions of small and medium-sized enterprises (SMEs) across Africa, payments are the gateway to formal financial inclusion.

Enza’s vision is to simplify and reduce the cost of payment acceptance for SMEs, thereby enabling banks and fintechs to build deeper, long-term customer relationships.

Reclaiming Ground for Traditional Banks

One of Enza’s core missions is to help banks reclaim the ground they have lost to innovative fintechs. In recent years, African banks have seen competitors like Flutterwave, Fawry, and Moniepoint dominate the SME market. Yet, banks still possess critical advantages, such as regulatory support and a broader suite of services.

“Banks have realised they gave up too much ground to fintechs,” says Hamish Houston. “We want to give them the tech to compete and win it back.”

By providing advanced infrastructure, Enza empowers banks to enhance their service offerings and regain market dominance without relying on third-party aggregators.

Leveraging Experience for Accelerated Growth

Enza’s rapid success is not just due to its technology; it is also fuelled by the founders’ extensive industry experience and relationships. With a combined track record of working with nearly 200 banks across Africa, the leadership team has quickly secured key partnerships.

Since its launch, Enza has achieved over 10 million monthly contracted transactions across six African markets: Rwanda, Nigeria, Ghana, Egypt, Uganda, and South Africa. This rapid growth is driven by a “per-click” transaction model, which allows banks to scale affordably.

The company reports a monthly transaction volume growth of 35-40%, with expectations to double these figures in the next two years.

READ ALSO:

Climate Tech Startups Across Africa Get $55M Funding Boost from Equator

A Vision for the Future

At its core, Enza’s mission is to bring world-class financial services to African consumers and businesses at a low cost. “We founded Enza to solve real infrastructure problems across Africa,” says Fekry. “We’ve spent our careers trying to make sure our families and communities can access financial products as people in Europe or the U.S. do, anytime they want.”

With a seasoned leadership team, a clear market need, and the backing of top investors, Enza is set to redefine how banks and fintechs collaborate across Africa.

As it continues to scale, the startup represents not only a new chapter for its founders but a transformative step forward for Africa’s financial ecosystem.