global innovation program that tasks fintechs to solve the payment and commerce challenges of tomorrow
● Inspiring Ethiopian startups to enhance Fintech propositions and provide solutions for Visa’s network of partners
Addis Ababa – February 18, 2021 – Visa, the global leader in payments technology, announced the launch of the Visa Everywhere Initiative (VEI) in Ethiopia today. VEI is a leading global innovation program for identifying and collaborating with fintechs to produce cutting-edge solutions to digital payment challenges, in addition to enhancing their product propositions and providing visionary payment solutions for Visa’s vast network of partners. This year, the focus is on expansion and accessibility, with Visa offering a one-stop experience to register and learn about upcoming opportunities and competitions – via the global website
The fintechs, both startups and later-stage, enrolling for the program will work on themes that address the roadblocks to higher adoption of digital payments in Ethiopia. These range from growing digital payment awareness and usage beyond metros to increasing access to credit or scaling commercial payments.
Aida Diarra, Senior Vice President and Group Country Manager for Visa in Sub Saharan Africa, said, “Ethiopia is steadily making strides in building an ecosystem that aids fintechs. Recognizing fintechs as a force for innovation is core to our business and supporting companies across the globe who are building solutions that power seamless money movement everywhere is a top priority for Visa. Through the Visa Everywhere Initiative, we seek to empower promising Ethiopian fintechs that aim to make a difference to the way Ethiopia pays.
Payment innovation in Ethiopia is accelerating and we believe that providing a platform to, and collaborating with, fintechs through the VEI will help bring solutions to the market that enhance the consumer and merchant payment experiences of tomorrow.”
Visa will be accepting applications for the Visa Everywhere Initiative from eligible startups starting today until April 9, 2021. Startups will pitch their ideas in regional competitions to a panel of expert judges from across the payments industry, and the winners of each competition will be invited to compete first on a CEMEA stage to win a combined $25,000 in total prize. Then proceed to compete on a global stage to win $100,000 in total prize money. The finalists will be announced on May10, 2021. Participants can register and submit applications following the link:
Abebe Girmay, Country Manager for Ethiopia, Visa said, “We are excited to kickstart the VEI 2021 program in Ethiopia. The initiative not only leads to higher visibility for the Financial technology sector, but also offers the innovators access to Visa’s assets and mentorship to drive payments and commerce in the country.”
Since its inception in the US in 2015, VEI has expanded into a global platform with more than 6000+ participating startups, that have collectively raised over $2.5+ billion in funding, with more than 215 finalists and nearly 100 winners. The program has been rolled out in North America, Latin America, Europe, Asia, Middle East and Africa, touching over 100 countries.
For more details, please visit http://visa.com/everywhereinitiative
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit About Visa, visa.com/blog
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Director, Corporate Communications
Visa East Africa
Email: [email protected]