It is a global program designed to support Visa’s goal of fostering the growth of next-generation payment technologies.
This is the first time Visa has rolled out its Everywhere Initiative in Sub Sahara Africa and shortlisted fintech’s from Kenya, Nigeria, South Africa, Uganda and Zambia took part in the final pitch event.
To date, nearly 2,100 fintech startups from across North America, Latin America, Europe and Asia have participated.
Mookh Africa developed a social business payments solution which makes it easy for people in Africa to buy and sell on Facebook, Instagram, and Twitter.
Once the seller creates an online store on Mookh, they can embed it into their Facebook page.
The Kenyan startup won both the “Social Business Payments” challenge as well as the overall prize for its idea. The company took home $50,000 and the opportunity to work with Visa to develop the concept further.
While Nigerian startup, CredPal, won the “Merchant Payments” challenge and $25,000 for its solution that allows business and individuals to pay for purchases in instalments across online and offline merchants by providing them with instant access to credit at the point of checkout.
The merchant then fulfils the order and is paid in full while the customer pays CredPal back in fixed monthly instalments.
“We have had the privilege of working with some of the best minds in the region over the last few months and the selected three category winners have the potential to truly change the way people pay in the region,” said Geraldine Mitchley, Senior Director – Digital Solutions, sub-Sahara Africa at Visa.
“The future of digital payments will be shaped through collaboration and we look forward to working with our startup partners to transform the payments landscape over the coming years to the benefit of consumers, merchants and issuers alike. It’s an exciting time in Africa’s payments and fintech space.”
Daneel Jordaan, Acting Country Manager: Visa South Africa, said Visa is proud to play its part in Africa by enabling a smart economy powered by secure digital payments.
“This vision comes to life when we can collaborate with passionate minds and foster an entrepreneurial ecosystem where innovators can thrive. Today, we saw this passion and innovation first-hand; and we are excited to build on the technologies that have secured the top positions in each of these challenges. Together with Visa and our financial institution partners, we would love to see at least some of these become a reality for consumers in the near future.”