South African Fintech Startups can Apply for the VISA Everywhere Initiative
Local fintech startups are invited to take part in this year’s Sub-Saharan Africa edition of the Visa Everywhere Initiative (VEI) by the payments company Visa. Start-ups are required to improve their own product offerings while also finding solutions to payments and commerce problems as part of the global innovation competition.
The firm has announced that the live competition for the VEI in South Africa this year will be on 22nd of June 2023.. The winner advances to the finals in Central and Eastern Europe, the Middle East, and Africa (CEMEA). The startup that triumphs at the CEMEA regional competition will compete in the world finals, which will take place on the 19th of September in San Francisco, US. Nigeria’s ThriveAgric, which received the $100,000 VEI global main award last year, is among previous winners.
According to Lineshree Moodley, General Manager of South Africa at Visa, fintechs have the potential to provide broad social benefits to the markets they operate in through their technology-driven, innovative solutions, particularly when it comes to providing financial services to those who have historically been underserved.
“At Visa, we believe that access to the digital economy drives equitable, inclusive growth, and VEI is an important means of supporting the innovators playing a leading role in this space,” Moodley continues.
Local and regional rewards, including $20 000 for first place and $10 000 for second place, will be given out prior to the worldwide finals.
Awards and Benefits
The winner of the overall award will get $50,000 (USD). The recipient of the $10,000 (USD) Visa Direct Award will be chosen in Visa Direct’s exclusive discretion. The Global Finals Audience Choice Award Recipient, who will receive $10,000 (USD), will also be chosen at the discretion of those in attendance (as further explained in Section #8).
The winner of the CEMEA Regional Finals, who is also considered the CEMEA Global Finalist, will receive $20,000 in addition to the chance to speak at the Global Finals. The Risk Award Winner will receive a payment of $25,000. Additionally, the audience members at the CEMEA Regional Finals will choose, in their sole discretion, the winner of the $10,000 Audience Choice Award.
The South Africa Overall Award Recipient will receive $20,000 and be recognized as a CEMEA Regional Finalist before the CEMEA Regional Finals. The recipient of the South Africa Second Place Award will get $10,000, while the Impact Award Winner will get $10,000. At the local event, attendees will also elect the winner of the $10,000 South Africa Audience Choice Award.
In addition to the specified monetary prize, Visa will arrange one (1) or more mentorship meetings for the Global Overall Prize winner. Representatives from Visa or its designees (chosen at Visa’s sole discretion) will discuss the global overall award recipient’s business during the mentorship meeting(s) and may offer unofficial business views and recommendations.
The South African startups have until May 14 to submit their applications. Interested start-ups are invited to apply here.