Visa seeks to stimulate African FinTech industry
In a move to foster regional payments innovation and FinTech entrepreneurship in Africa, Visa is spearheading its Everywhere Initiative
In a move to foster regional payments innovation and FinTech entrepreneurship in Africa, Visa is spearheading its Everywhere Initiative.
The initiative is designed to encourage start-ups in the FinTech space to solve payment challenges of tomorrow, further enhance their own product propositions and provide visionary solutions for Visa’s vast network of partners.
The programme first launched in the U.S. in 2015 and quickly expanded into a global program with more than 2,100 participating start-ups, which have collectively raised over $2 billion (R23 billion) in funding, with more than 131 finalists and 36 winners selected.
Entrants in the first-ever Africa initiative will have the opportunity to compete for a chance to win up to $50,000 (R598,337.50), access to Visa’s products and services, expert mentorship and support from Visa and exposure to key Visa partners and clients.
With over a $100 million (R1.2 billion) invested over the past ten years alone in Africa, Fintech industry is on the brink of a transformative breakthrough.
“We believe the time is ripe to bring together its brightest minds and work on the next big idea in payments technology. With a clear goal of enabling cashless economies and financial inclusion, Visa is committed to fostering an entrepreneurial spirit and driving innovation in its payments landscape,” said Geraldine Mitchley, senior director for Digital Solutions for Visa Sub Sahara Africa.
Beginning 23 March, Visa invites eligible participants in the region to submit their business solutions that apply to one of the following three briefs:
- How can your startup leverage Visa Developer APIs to either: Enable smaller merchants to accept payments in-store digitally or Provide a safe and secure solution for online merchants to drive eCommerce and reduce cash on delivery?
- How can your company 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?
- How can your start-up 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?
Each challenge has been structured keeping in mind the niche dynamics of the local landscape. As the region’s domestic merchants rapidly expand their digital commerce proposition, payment gateways must also evolve at a breakneck speed to offer their customers a hassle-free shopping experience.