Over the past decade, Dubai-based payment processor Network International emerged as a key player across the Middle East and Africa through strategic acquisitions. However, gaps in innovation and comprehensive solutions for financial institutions paved the way for Enza, a fintech startup founded in 2022 by former Network International executives Hany Fekry and Hamish Houston. The duo recently secured $6.75 million in seed funding to build infrastructure tailored for African banks and fintechs.
Enza’s platform focuses on enabling seamless payment solutions—from cards and mobile wallets to real-time transactions—while addressing the needs of both financial institutions and merchants. The startup targets Egypt, Nigeria, and South Africa, aiming to bridge the divide between traditional banks and agile fintechs. By offering low-cost payment acceptance tools, Enza positions itself as a catalyst for financial inclusion, helping small businesses access formal financial services while empowering banks to regain market share.
Expanding Financial Ecosystems Through Payments
Payments serve as the entry point for unbanked SMEs to join the formal economy. Enza’s infrastructure allows merchants to accept in-person and digital payments at minimal cost, creating opportunities for banks to cross-sell loans, insurance, and savings products. Andrew Key, Enza’s executive director, emphasizes that payment data unlocks deeper financial relationships: “The value lies in the insights and services layered on top of transactions.”
This approach aligns with shifting dynamics in Africa’s financial sector. While fintechs like Flutterwave and Moniepoint have gained ground, banks retain regulatory advantages and broader service portfolios. Enza equips them with technology to compete, offering transparency and control over payment ecosystems. The platform integrates local card schemes (Verve, AfriGo), real-time networks (Nigeria’s NIBSS, Egypt’s InstaPay), and global payment rails, ensuring flexibility for partners.
Strategic Growth and Investor Confidence
Leveraging the founders’ extensive networks, Enza has already secured partnerships with banks in six African markets, processing over 10 million monthly transactions. The startup prioritizes high-quality relationships over sheer volume, targeting 30–40 bank clients. With month-over-month transaction growth exceeding 35%, Enza plans to use its seed funding—led by Algebra Ventures and Quona Capital—to expand its team and product offerings.
“Our mission is to solve infrastructure gaps so African communities can access affordable financial services,” says Fekry. By combining deep industry expertise with a focus on scalability, Enza aims to redefine how banks and fintechs collaborate across the continent.
