A new player is stepping into Africa’s fintech scene with a bold mission — to modernize payment infrastructure for banks and fintechs across the continent. Enza, a Dubai-based startup founded by former Network International executives Hany Fekry and Hamish Houston, has raised $6 million in seed funding to drive this vision.
The founders, who led global acceptance and consumer finance operations at Network International, spotted a gap in the market — comprehensive infrastructure tailored for African banks and fintechs. While Network concentrated mainly on payment acceptance, the duo saw an opportunity to build an end-to-end platform that serves both issuers and merchants.
In early 2023, they launched Enza after parting ways with their former employer. “We realized the market needed a rethink to serve banks and fintechs better,” explained CEO Hany Fekry.
Building Africa’s Next-Gen Fintech Rails
With their deep industry knowledge, the team at Enza is crafting a versatile platform designed to handle everything from card payments to mobile wallets and real-time transfers. Their goal is simple — empower banks, fintechs, and merchants with seamless local and international payment options.
Enza’s initial focus is on Egypt, Nigeria, and South Africa — three of Africa’s largest and fastest-growing financial hubs. The platform is built to support banks and fintechs on the issuing side while equipping merchants and SMEs to accept payments effortlessly, both online and offline.
Payments, often the first step toward financial inclusion for small businesses, are central to Enza’s strategy. By offering low-cost payment solutions, Enza enables its banking partners to build long-term relationships with small businesses. Once those relationships are established, they can cross-sell additional services like loans, savings, and insurance.
“Payments open the door, but the real value lies in the data and financial services layered on top,” noted Enza’s executive director, Andrew Key.
Helping Banks Compete with Fintechs
Over the years, fintech giants like Flutterwave, Fawry, Paymob, and Moniepoint have captured large chunks of Africa’s SME market. Many traditional banks were slow to adapt, losing ground to these agile competitors.
Enza aims to reverse that trend by giving banks the technology they need to compete — and win back lost market share. “Banks now realize they’ve ceded too much ground to fintechs,” said co-founder Hamish Houston. “We’re here to help them reclaim it.”
The platform provides banks with greater transparency and control over their payment ecosystems, helping them stay compliant while scaling. It also integrates with local card schemes like Verve, AfriGo, and Meeza, as well as global networks such as Visa and Mastercard.
Additionally, Enza connects to real-time payment systems like Nigeria’s NIBSS, South Africa’s PayShap, and Egypt’s InstaPay. Mobile money, QR codes, buy-now-pay-later (BNPL), and contactless payment options are also part of the mix — giving banks and fintechs a full suite of services to offer their customers.
Scaling Fast Across Africa’s Key Markets
Leveraging decades of experience and strong relationships, Enza has quickly secured contracts with several banks. Co-founder Fekry, who previously served as chief commercial officer at Emerging Markets Payments, brings a wealth of experience and connections that have accelerated the company’s growth.
While the team previously worked with nearly 200 banks across the continent, they’re now focusing on building fewer, high-quality partnerships. “We’re targeting 30 to 40 strong bank relationships rather than chasing scale for scale’s sake,” said Houston.
Despite being in operation for just a year, Enza is already processing over 10 million monthly transactions through partnerships with banks in Rwanda, Nigeria, Ghana, Egypt, Uganda, and South Africa. Transaction volumes are growing 35-40% month over month, with expectations to double within two years.
Enza operates on a “per-click” model, charging banks for every transaction processed — a simple yet scalable revenue stream.
Backed by Top VCs for the Next Growth Phase
After bootstrapping their startup, the founders secured $6 million in seed funding led by Algebra Ventures and Quona Capital. The funding will fuel product expansion and team growth across Africa.
“The Enza team has a proven track record in Africa’s fintech space,” noted Tarek Assaad, managing partner at Algebra Ventures. “Their experience in scaling and exiting businesses made this an easy decision.”
For Fekry and his team, Enza is more than just a business — it’s a mission. “We built Enza to solve critical infrastructure challenges across Africa. Our goal is to make financial services affordable and accessible, just like they are in Europe or the U.S.,” he said.
