Credit: BusinessDaily

Visa’s Everywhere Initiative is set to expand into Sub-Saharan Africa, extending the global programme that tasks start-ups to solve commerce challenges, enhance their own product propositions and provide solutions for Visa’s network of partners.

Entrants can win up to USD 50,000, access to Visa products and services, mentorship and support from Visa and exposure to key Visa partners and clients.

“With over a hundred million dollars invested over the past ten years alone, the region’s Fintech industry is on the brink of a transformative breakthrough, and 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,” added Geraldine Mitchley, Senior Director for Digital Solutions for Visa Sub Sahara Africa.

Beginning 23 March, Visa invites eligible participants in the SSA 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 startup 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 Sub-Sahara is a buzzing region with successful products like M-Pesa in Kenya, Snapscan in South Africa and Paga in Nigeria. Services like Scan to Pay or Tap with mobile are shifting the way people pay.

Deadline for submitting applications is 17th May, after which the judges will select three finalists per brief to present their ideas to the judging panel at Visa’s local offices in the region.

Only one winner per brief will be selected, and each will receive a USD 25,000 monetary prize. Winners of the prize will be invited to a working meeting with Visa, and may be presented with the opportunity to create a prototype. Visa will then select one overall winner to receive an additional USD 25,000.