Visa has announced that its Visa Everywhere initiative, which is intended to be a global innovation program, sets the agenda for start-ups to meet the challenges of tomorrow’s business, improve their own products, and deliver futuristic solutions to the vast global market. Visa’s partner network, will extend to the Sub-Saharan African region (SSA).
Participants in Visa’s First Ever Everywhere Initiative sub-Saharan program will have the opportunity to compete for up to US $ 50,000, access Visa products and services, receive coaching and support. Visa’s support and the opportunity to access and exchange with Visa’s main partners and customers.
“In a highly dynamic industry, the Everywhere Initiative program allows us to explore an avalanche of ideas to address trade-related challenges, influence our roadmaps, support our customers and shape our culture. of innovation, ” said Andrew Torre, Regional President for Central and Eastern Europe, Africa and the Middle East Visa.
With only 17% of the African population having access to formal financial services , almost a third of the funds raised by African startups in 2017 was made in the Fintech sector. Venture capital funds for African startups grew by 51% to R to 195 million dollars in 2017 .
“With more than $ 100 million invested over the past 10 years, the Fintech industry in the region is poised to make a transformative breakthrough, and we believe the time has come to bring together their brightest minds and work on the next big idea: payment technology. With a clearly stated goal of promoting cashless economies and financial inclusion, Visa is committed to fostering an entrepreneurial spirit and driving innovation in its payments landscape, “said Géraldine Mitchley, Chief Executive Officer of electronic solutions for Sub-Saharan Africa Visa.
As of March 23, Visa invites eligible participants from the Sub-Saharan region to submit proposals for business solutions that would apply to one of three themes:
How can your startup leverage the Visa Developer APIs to either: enable small merchants to accept electronic payments within their stores OR provide a secure and secure solution to online vendors in anything that would stimulate e-commerce and reduce payments on delivery?
How can your company leverage Visa’s APIs as leverage on broad-based partner platforms such as Facebook to help businesses operating in dynamic, consumer-centric environments improve cash flow and improve their business? to receive payments?
How can your startup leverage technology to provide functional services to illiterate customers to provide secure transaction experiences that build and strengthen their confidence in the banking system?
Each challenge was structured keeping in mind the niche dynamics of the local landscape. While it is noted that local merchants in the region are rapidly expanding their e-commerce offerings, it also appears necessary for payment gateways to evolve at such a speed to offer their customers the opportunity to experience buying hassle free.
Sub-Saharan Africa is a diverse region and is home to products such as MPesa in Kenya, Snapscan in South Africa and Paga in Nigeria. Payment solutions such as Scan to Pay or Tap by means of mobile fundamentally change the way people pay to provide more convenient but ultimately secure ways to pay and get paid.
Attendees can access https://www.visa.com/everywhereinitiative for more details on the Everywhere initiative starting March 23rd.
Participants have until May 17, 2018 to submit their ideas, after which Visa judges will select three finalists by theme to present their ideas to the designated jury at local Visa offices in the region.
One winner per category will be selected, and each will receive a cash prize of US $ 25,000. The prize winners will be invited to a meeting with Visa and will have the opportunity to create a prototype. Visa will then proceed to the choice of the world champion who will receive an additional US $ 25,000.
Visa’s Everywhere Initiative is a globally implemented program that is strategically important to the achievement of the global payments company’s goal of fostering the growth of future generation payment technologies. To date, the program has welcomed nearly 2,100 participating start-up companies from North America, Latin America, Europe, Asia-Pacific, Africa and the Middle East.