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Home Companies Corporate Updates

Applications open in Nigeria for Visa Everywhere Initiative, a global innovation competition for fintech startups

NM Partners by NM Partners
May 2, 2023
in Corporate Updates
Applications open in Nigeria for Visa Everywhere Initiative, a global innovation competition for fintech startups
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Applications are now open in Nigeria for the 2023 edition of the Visa Everywhere Initiative (VEI), a global open innovation competition that sees startups pitch their innovative solutions to solve tomorrow’s payment and commerce challenges.

In addition to monetary prizes, VEI winners gain access and exposure to Visa’s vast networks of partners in the banking, merchant, VC, and government sectors. The winners also benefit from receiving recognition from one of the world’s most trusted and valuable brands.

The Central and Eastern Europe, Middle East and Africa (CEMEA) finals will be livestreamed on July 27 on TechCrunch – a leading online publisher focused on the tech industry and the startup ecosystem. The startup that wins at the CEMEA Regionals will participate in the global finale, which will be held on September 19 at TechCrunch Disrupt in San Francisco.

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This year, Visa’s VEI CEMEA is set to introduce for the first time an award in the Risk and Security domain – Fintechs Innovating in Risk Excellence, or ‘FIIRE’, Award. Through this Special Edition, Visa in partnership with Emirates NBD are scouting for global Fintech players across fraud management, cybersecurity, and credit risk, among others. Following a joint review by Visa and Emirates NBD representatives, the winning Fintech will receive a $25,000 prize and an opportunity to work with Emirates NBD, a leading bank in the region.

“The Visa Everywhere Initiative is a platform that empowers fintechs and entrepreneurs to showcase the most ground-breaking, impactful solutions in the world of payments and commerce,” said Andrew Uaboi, Vice President, and Head of Visa West Africa, “Through their technology-driven, innovative solutions, fintechs have the potential to offer broad social benefits to the markets they operate in – particularly when it comes to providing financial services to those who have traditionally been underserved. At Visa, we believe 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.”

Since its launch in 2015, VEI has helped startups representing more than 100 countries collectively raise more than $16 billion USD in funding, with a network that includes nearly 12,000 startups from across the globe. Last year, VEI awarded more than $530,000 USD in prize money over the course of the competition, which saw over 4,000 startups participate from five regions. VEI 2022 saw Nigeria’s ThriveAgric take home the VEI Global grand prize of $100,000 USD. ThriveAgric also won the $20,000 USD Visa Direct prize.

VEI is seeking innovative and ambitious entrepreneurs who are uplifting communities by solving payment and commerce challenges faced by businesses of all sizes and sectors, including:

What we are looking for

Enablers of digital services and digital issuers

  • Blockchain and cryptocurrency
  • Crowdfunding
  • Banking-as-a-Service
  • BIN sponsors
  • Issuer/processors
  • Program managers

Digital issuance

  • Blockchain and cryptocurrency
  • Alternative lending
  • Personal financial management
  • Money transfer and remittance
  • Digital banking (aka neo banks)
  • Digital wallets, peer-to-peer (P2P) and transfers
  • Employee benefits
  • Payables
  • Corporate cards (aka expense management)

Value-add for merchants and/or consumers in the finance space

  • Data and analytics
  • ID, authentication and security
  • InsurTech
  • Loyalty
  • Merchant services and tools
  • Process and payment infrastructure
  • Retail technology
  • Other

Small- and medium-sized business recovery

  • Money movement (disbursements, Intra-account, P2P vendor and payments)
  • Acceptance (e-commerce and mobile acceptance)
  • Risk management (chargebacks, etc.)
  • Brand management (Community building, etc.)
  • Other

New categories for 2023:

  • Sustainable fintechs
  • Risk
  • Urban mobility

This year’s prizes

  • VEI CEMEA Regionals 1st place: $20,000
  • VEI CEMEA Regionals Audience Favorites: $10,000
  • VEI CEMEA Regionals Risk Winner: $25,000

For more information about VEI, please visit our website.

 

About Visa Inc.

Visa (NYSE: V) is a world leader in digital payments, facilitating more than 215 billion payments transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories each year. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

Media Contact:

Adeniyi Adebiyi – Director Corporate Communications, Visa West Africa

+234 8166109761

dadebiyi@visa.com


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Tags: Visa Everywhere Initiative
NM Partners

NM Partners

"NM Partners" encompasses a diverse range of articles and content published on behalf of various organizations, including corporate entities, government and non-governmental institutions, academic bodies, and key stakeholders in the economic sphere. This content spectrum covers press releases, formal announcements, specialized content, product promotions, and a variety of corporate communications tailored to engage our readership. Notably, a portion of these articles are sponsored content. At Nairametrics, while we provide a platform for these diverse voices, it is important to clarify that our relationship with the content under "NM Partners" does not imply endorsement or affiliation. The responsibility for the content accuracy and viewpoints expressed rests solely with the respective contributors. Nairametrics maintains a firm commitment to editorial independence and integrity. Consequently, we do not assume responsibility for any of the content published under "NM Partners." For any inquiries, comments, or feedback regarding the content featured in this section, we encourage open communication and can be reached at info@nairametrics.com. Additionally, we invite our readers and contributors to familiarize themselves with our Paid Post Guidelines, which outline the standards and processes governing paid content on our platform.

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Carepay Nigeria qualifies for Visa Everywhere Initiative | 2022 CEMEA Regional Finals to Be Livestreamed By Techcrunch
Corporate Updates

Carepay Nigeria qualifies for Visa Everywhere Initiative | 2022 CEMEA Regional Finals to Be Livestreamed By Techcrunch

June 15, 2022
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