BusinessDay

Visa invites Nigerian Fintech Startups to global challenge

Visa Everywhere Initiative, a global open innovation programme has invited Nigerian fintech start-ups to showcase their solutions and innovative products on a global stage.

The initiative launched in the U.S in 2015, assists start-ups to unlock new opportunities with a global platform to demonstrate innovative solutions.

According to Visa, finalists in the challenge will gain first-hand exposure to major fintech stakeholders across banking, merchant, VC, and government sectors, while winners will go home with monetary prizes and will gain opportunities of a global partnership with trusted brands like Visa.

Kemi Okunsanya, Vice President at Visa West Africa, while commenting on the challenge reiterated that Fintech and other innovators are transforming the way consumers and Businesses make payments, making it easier for more people to access the money they need when they need it, noting that the pandemic has seen this become more critical than ever.

Giorgi Tsurtsumia, CO- founder of Payze, who is the winner of VEI Central and Eastern Europe, the Middle East and Africa (CEMEA) in 2021, noted that being able to stand out in the challenge with startups and fintech across the globe is a big win for his company.

Read also: Can Africa become tomorrow’s Fintech market?

“Competing on a global stage alongside some of the most prestigious startups in the world and, more importantly, being able to receive that global exposure and support from a trusted brand like Visa was an exceptional achievement for PAYZE,” he said.

He explained that PAYZE is an e-commerce-oriented fintech that enables businesses across CIS countries to accept payments from around the world through a single integration while disclosing that his platform has been busy fulfilling their vision with the support of Visa’s network and a cash prize of $25,000, having processed more than 250000 transactions across 2021.

Meanwhile, Visa stated that the competition also saw Karachi-based fintech, safepay, win the CEMEA Audience favourite award, with $10,000 cash price

The VEI includes 8,5000 startups from around the world which continue to grow every year since the launch in 2015, helping participants from over 100 countries raise more than $2.5 billion in funding, which is a major challenge faced by early-stage entrepreneurs.

The organisers explained that the program will have a clear focus on Central and Eastern Europe, the Middle East, and Africa (CEMEA), a region with tremendous opportunity for fintechs that are developing innovative products and solutions aimed at supporting the community noting that the latest edition of VEI sees two new editions in Egypt and Saudi Arabia, as well as the global finale in Qatar in November 2022.

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