OkHi, a Nigerian-based startup revolutionizing the smart addressing system, is making significant strides in enhancing financial inclusion across Africa. With plans to partner with leading banks and fintech companies over the next six months, OkHi aims to broaden access to financial services, particularly for underserved and informal communities.
The innovative company has already secured partnerships with five African unicorns, focusing on creating better economic inclusion by simplifying access to financial services, especially for individuals who face challenges in verifying their addresses.
In an exclusive interview with ITWeb Africa, OkHi’s Chief Product Officer, Roger Norton, shared insights into the company’s digital addressing solution, which seamlessly integrates with financial institutions. Using machine learning and mobile phone movement data, OkHi generates digital proof of address, making it easier for people, even those living in informal settlements without formal street names, to access banking services.
OkHi’s breakthrough in this traditionally slow-to-evolve sector was recently recognized when the company was named the best Artificial Intelligence and Deep Tech Start-up at the AfricArena Grand Summit 2024 in Cape Town, South Africa.
Norton expressed pride in the recognition, stating, “The sector we operate in is typically slow to innovate. So this award is a great acknowledgment of our efforts to innovate in a space that’s notoriously challenging.”
Looking ahead, OkHi’s short-term goals are focused on onboarding large banks and fintech companies within the next six months. Norton emphasized that the company’s core mission is to address the significant issue of address verification, which often prevents individuals from accessing essential financial services.
“Without an address, you can’t open a bank account, access credit, or transact,” Norton explained. “Our mission is to provide economic relief by helping people verify their addresses, even if they live in places without street names or numbers. By leveraging technology, we can open the door to financial services, giving people the ability to take control of their lives and start building their futures.”
OkHi’s commitment to advancing financial inclusion has gained widespread attention, including recognition from Visa. The global payments giant recently announced investments in OkHi, along with three other startups, as part of the inaugural Visa Africa Fintech Accelerator program. OkHi, alongside Ghana’s Oze, Kenya’s Workpay, and ORDA—a cloud-based restaurant software company operating in Nigeria, Kenya, and South Africa—are part of the initiative to drive fintech growth across the continent.
