Nigerian-based OkHi, a smart addressing system startup, has huge plans for the continent as it strives to increase financial inclusion.

OkHi intends to on-board large banks and fintechs within the next six months as it ramps up its attempts to be a significant driver of financial inclusion across Africa.

The start-up already collaborates with five African unicorns to improve economic inclusion by providing better access to financial services, particularly in informal communities.

In a recent interview with ITWeb Africa, OkHi's chief product officer, Roger Norton, discussed the company's innovative digital addressing solution, which integrates seamlessly with banks and fintechs, using machine learning for behavioural analysis and mobile phone movements to generate digital proof of address.

OkHi was recently selected the best Artificial Intelligence and Deep Tech Start-up in Cape Town, South Africa, at AfricArena Grand Summit 2024.

Norton stated that the award acknowledges the company's work in a typically slow-to-evolve sector, focussing on the growth of Africa's tech ecosystem—particularly establishing critical infrastructure for address verification.

“The space that we play innovation is typically slow there. So this award is really a nice acknowledgement that we are innovating in a space that’s difficult to innovate in, said Norton.

He went on to say: “Our near term plans are to get a number of large banks and fintechs in the next six months. Address verification is a little space but what really drive us is to assist people who can’t verify their address and can’t get financial services.

“If you can’t get access to financial services, you can’t get credit, you can’t get a bank account, you can’t transact. So for us is its all-around providing economic relief, being able to verify your address or prove where you live. Even if that’s an informal settlement or you live in place that doesn’t have street name or street number.

“We can use technology to overcome that and actually give you access to financial economy and access into financial services so you can start building your life and taking more control of it.

OkHi's efforts to increase financial inclusion on the continent have not gone ignored, as the company was one of four start-ups acknowledged by Visa.

Visa, a digital payments company, has announced major investments in four start-ups that completed the inaugural cohort of its Visa Africa Fintech Accelerator program

The four start-ups working throughout the continent are: Oze, based in Ghana; Workpay, a human resources technology firm headquartered in Kenya; OkHi, based in Nigeria; and ORDA, a cloud-based restaurant software company with operations in Nigeria, Kenya, and South Africa.