In Africa, small and medium-sized enterprises (MSMEs) are the backbone of the economy, contributing over 50% of GDP and employing nearly 80% of the workforce. Yet, financial exclusion remains a daily struggle for many. Without proper record-keeping, businesses find it difficult to track sales, expenses, and profits—making it nearly impossible to prove their creditworthiness.
Oze saw this gap and built a solution: a seamless blend of digital record-keeping, AI-driven credit risk assessment, and easy access to financial services. By bridging the divide between MSMEs and financial institutions, Oze is transforming how small businesses operate and grow.
Meghan McCormick, CEO of Oze, recalls a turning point: “We secured $3 million in pre-Series A funding in 2021 from Speedinvest and AfricInvest. It wasn’t just a milestone for Oze—it was proof of a pressing need. The world believes in Africa’s small businesses, and this investment validated our mission to drive financial inclusion.”
In 2024, Oze reached another breakthrough, securing funding from Visa and DEG to accelerate digital lending expansion across Africa. This investment strengthens partnerships with institutions like Ecobank, ensuring more small businesses gain seamless financial access.
For Emeka Okemadu, Senior Product Manager at Oze, this moment was a testament to the company’s impact. “This recognition from Visa and DEG reaffirms that we are addressing the right challenges for MSMEs in Africa.” Alongside a dedicated team of engineers, designers, and analysts, Emeka helped lead the development of key product innovations—automating record-keeping, integrating AI into analytics, and digitizing the lending system for a frictionless onboarding experience. These advancements played a pivotal role in securing funding and driving Oze’s growth.
At the heart of these achievements is a team working tirelessly to push boundaries. From software engineers refining algorithms to customer success specialists ensuring seamless user experiences, to the leadership driving the vision, every team player has been key to the success of the brand.
Victor Aston, a data analyst at Oze, played a crucial role in shaping investor confidence. Working closely with the analytics and finance teams, he built dashboards that showcased business transactions, loan repayment trends, and MSME growth, making Oze’s impact measurable. His work in refining AI-powered credit risk models improved loan eligibility assessments, while insights from the data team provided a clearer picture of Oze’s influence.
Beyond analytics, Oze’s product and engineering teams, led by Emeka, introduced major enhancements to the business app. Features such as automated payments, advanced analytics with generative AI, and a no-integration lending management system were the result of extensive collaboration across departments. These innovations have solidified Oze’s position as a leader in digital financial solutions for MSMEs.
Oze’s groundbreaking approach to financial inclusion earned it a place as a semi-finalist for the prestigious Milken-Motsepe Prize in Fintech. With a vision of building 100 million profitable businesses, the company is redefining possibilities for small enterprises.
Dave Emnett, COO of Oze, sums it up best: “When small businesses succeed, communities thrive. Our team is committed to providing the tools and financial access they need to grow.” More than just an app, Oze is a movement—empowering entrepreneurs, fostering economic resilience, and reshaping the financial landscape for MSMEs across Africa.
