ArifPay, Ethiopia’s first point of sale payments systems operator, won the first VEI Ethiopia challenge in 2021.
By:- Nakachew Ayele:
Addis Ababa (Ethiopia Today) August 1, 2023:- Applications are open for the 2023 Ethiopian edition of the Visa Everywhere Initiative (VEI), a fintech competition that sees startups pitch their innovative solutions to solve tomorrow’s payment and commerce challenges.
Andrew Torre, the Regional President for Central and Eastern Europe, Middle East and Africa (CEMEA), reinforced Visa’s commitment to expanding digital payments in Ethiopia by announcing new initiatives to help advance Fintech innovation and support women-led small and medium businesses (SMBs)reads the press release sent for Ethiopia Today) .
This included plans to hold a second in-country edition of the VEI fintech competition and launch Visa’s She’s Next women’s empowerment initiative.
It’s recalled that ArifPay, Ethiopia’s first point of sale payments systems operator, won the first VEI Ethiopia challenge in 2021.
“The Visa Everywhere Initiative is a platform that empowers fintechs and entrepreneurs to showcase ground-breaking, impactful solutions in the world of payments and commerce,” said Yared Endale, Visa Country Manager for Ethiopia.
“Fintechs and other payments 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. We were extremely impressed with the quality of entrants we received during the first VEI Ethiopia edition in 2021 and look forward to sharing the breadth of newly discovered talent this year. By working together, we believe we can reach a far wider audience by collaborating to bring the benefits of convenient, secure, and seamless payments to more people”.
Globally, the initiative has helped start-ups from over 100 countries collectively raise more than 16 billion USD in funding since 2015.
In addition to monetary prizes, VEI winners gain access and exposure to Visa’s vast network of partners in the banking, merchant, Venture Capitalists, and government sectors. The winners also benefit from receiving recognition from one of the world’s most trusted and valuable brands.
This year’s VEI Ethiopia final will be held in September with a total of 50,000 USD in prize money being distributed among the different winners. This includes 25,000 USD for the overall winner, 15,000 USD for 2nd place and 10,000 USD for the fintech that finishes third.
VEI Ethiopia 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 Ecosystems, Digital issuance , Value-add for merchants and/or consumers in regard to finance and SME are accepted
The application deadline for VEI Ethiopia is August 20th.
