The Visa Everywhere Initiative (VEI) competition has now been extended to startups in West and Central Africa, offering unprecedented opportunities to present innovative solutions to future payment and commerce challenges. Find out more about the initiative, its rewards and how to get involved.
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A competition open to African startups
That said, the Visa Everywhere Initiative (VEI) competition is now open to startups from West and Central Africa. This initiative offers a unique opportunity for these companies to unveil their innovative solutions to future payment and commerce challenges. Winners will benefit from Visa's extensive partner networks in banking, merchant, venture capital and government, as well as the recognition of one of the world's most trusted brands. The regional final for Central and Eastern Europe, the Middle East and Africa will be broadcast live on TechCrunch on July 27. The winning startup will then be invited to the global final, scheduled for September 19 at TechCrunch Disrupt in San Francisco.
A new award in the field of Risk and Safety
Most of us will be delighted to learn that, for the first time, VEI CEMEA will be awarding a prize in the field of Risk and Security - Fintechs Innovating in Risk Excellence, or "FIIRE". In partnership with Emirates NBD, Visa will be looking for fintech players worldwide, particularly in the fields of fraud management, cybersecurity and credit risk. Winners of this award will receive a prize of 25,000 $ and the opportunity to work with Emirates NBD, a leading bank in the region.
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How to enter the competition
To take part in the competition, interested startups must can apply on line here. Visa will select one winner from each region, who will then be invited to attend the World Finals event in San Francisco, California. The regions involved are North America, Europe, Asia-Pacific, Latin America and CEMEA (Central Europe, Middle East and Africa). The latter region will be organizing additional competitions; see the calendar for details.
Visa is looking for products that offer innovative payment and commerce solutions to consumers and businesses. These solutions include, but are not limited to, the following areas: digital services and digital issuers, blockchain and cryptocurrencies, participatory finance, banking as a service, risk management, merchant services and tools, retail technology, small and medium-sized businesses, and many others.
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Prizes to be won
Three monetary prizes will be awarded at the World Finals event on September 19 at TechCrunch Disrupt in San Francisco:
- Overall winner: $50,000 $ USD
- Audience favourite: 10,000 $ USD (the overall winner and the Visa Direct winner are also eligible)
to win the People's Choice Award)
- Visa Direct: 10,000 $ USD
The global finalists will also be welcomed by Visa to the TechCrunch Disrupt pavilion to exhibit their companies together in the Expo Hall, with several benefits.
Prior to the world final, the following local and regional prizes will also be awarded:
Saudi Arabia
The final will be held in person on Wednesday, June 14, 2023.
- 1st place: 40,000 $
- 2nd place: 27,000 $
- 3rd place: 13,000 $
Oman
Winner, 1st place: 40,000 $
Bahrain
Winner, 1st place: 40,000 $
Impact price: 13,000 $
South Africa
- 1st place: 20,000 $
- 2nd place: 10,000 $
- Audience favorite: 10,000 $
- Impact price: 10,000 $
Kenya
- 1st place: 20,000 $
- Audience favorite: 10,000 $
- Impact price: 10,000 $
CEMEA (Central Europe, Middle East and Africa)
Virtual finals broadcast live on TechCrunch :
- 1st place: 20,000 $
- Audience favorite: 10,000 $
- RISK winner: 25,000 $
Competition calendar
Deadlines for local applications :
- Saudi Arabia: Sunday May 14, 2023 (final in person on Wednesday June 14, 2023)
- South Africa: Sunday, May 14, 2023
- Kenya: Sunday, May 14, 2023
Deadlines for regional applications :
- Central Europe, Middle East and Africa: Monday, May 22, 2023
- Asia-Pacific: Monday, May 29, 2023
- Europe: Monday, June 5, 2023
- Latin America and the Caribbean: Monday, June 12, 2023
- North America: Monday, June 26, 2023
Announcement of world finalists: Monday, August 21, 2023
World final: Tuesday, September 19, 2023
As you can see, the Visa Everywhere Initiative competition offers exceptional opportunities to startups from West Africa and around the world. Don't miss this chance to showcase your innovative solutions and benefit from an extensive network of partners. The deadline for applications is May 22.
