Fintechs in Africa are making incredible strides, not only to bring more convenience to consumers, but also to enable people who would not otherwise have access to financial services a way to connect to the formal banking system. Venture funding for African startups jumped by 51% to $195 million in 2017 and fintech in Africa is expected to grow exponentially in the next few years as it continues to disrupt the traditional financial sector.
Global payments technology company, VISA has been running their fintech start up programme VISA Everywhere Initiative (VEI) for the past three years. The initiative tasks start-ups to take on challenges to innovate fintech solutions that can be implemented by businesses in the future. Through this programme Visa collectively has raised over $2 Billion with 131 finalists and a total of 36 winners. For the first time, the programme has been launched in Sub-Saharan Africa assigning start-ups to help solve three business briefs which Visa has determined within the Sub-Saharan region:
- Challenge 1: Merchant Payment – How can startups leverage Visa Developer APIs to either: Enable smaller merchants to accept payments in-store digitallyOR Provide a safe and secure solution for online merchants to drive eCommerce and reduce cash on delivery?
- Challenge 2: Social Business Payments – How can start-ups use Visa’s APIs to leverage mass reach partner platforms like Facebook to help businesses operating in fast-paced consumer centric environments improve cash flow and receive payments?
- Challenge 3: Financial Inclusion – How can start-ups leverage technology to provide services that are functional for illiterate customers to provide them with secure transaction experiences that build and enhance their confidence in the banking system?
The programme serves as a business empowerment opportunity for start-ups to not only be exposed as innovators in the industry but also stand a chance to raise funds for their enterprise and potentially partner with VISA associates. Interested start-ups can apply on here and on the online application form applicants are required to select which of the three briefs they are applying for, a brief description of the team, and a description of their idea. The last day to submit entry forms 31 May 2018.
The winning start-up will get a monetary prize to execute their payment solution, receive support from VISA through mentorship in digital commerce training, and exposure to the issuer and merchant ecosystem.
If you need help or have any questions, comments or feedback, please email veissa@visa.com
