Digital payments company, Visa, has unveiled the 2023 edition of the Visa Everywhere Initiative (VEI) competition applications for startups in the financial technology sector in Nigeria and other African countries.
A statement Director, Corporate Communications, Visa West Africa, Adeniyi Adebiyi, on Monday in Lagos, said VEI is a global open innovation competition that allows startups pitch their innovative solutions to solve tomorrow’s payment and commerce challenges.
Vice President, and Head of Visa West Africa, Andrew Uaboi, was also quoted as saying that winners of the VEI 2023 edition added to the monetary prizes would also receive global exposure, and validation from one of the world’s most trusted brands.
Uaboi noted that since its launch in 2015, VEI has helped startups from about 100 countries, and collectively raised over $16 billion in funding, with a network that includes nearly 12,000 startups from across the globe.
He added that in 2022, the VEI competition awarded $530,000 in prize money, which saw over 4,000 startups participate from five regions.
Through this special edition, Visa in partnership with Emirates NBD are scouting for global fintech players across fraud management, cyber security, and credit risk, among others.
He explained that the 2023 Visa VEI Central and Eastern Europe, Middle East and Africa (CEMEA), is set to introduce for the first time an award in the risk and security domain – Fintechs Innovating in Risk Excellence Award.
He said: “Through this special edition, Visa in partnership with Emirates NBD are scouting for global fintech players across fraud management, cyber security, 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.
“VEI is a platform that empowers fintechs and entrepreneurs to showcase the most ground-breaking, impactful solutions in the world of payments and commerce.
“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.
“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.”
Uaboi said this year’s competition beams its lights on enablers of digital services and digital issuers in blockchain and cryptocurrency, crowdfunding, banking-as-a-service, alternative lending amongst others.
The 2023 prizes include VEI CEMEA regionals 1st place at $20,000, VEI CEMEA regionals audience favourites at $10,000 and the VEI CEMEA Regionals Risk Winner at $25,000.
