Leading fintech companies from the dynamic Sub-Sahara Africa (SSA) technology startup community have made it to the finals of Visa’s Everywhere Initiative, a global innovation program that tasks start-ups to solve commerce challenges of tomorrow, further enhance their own product propositions and provide visionary solutions for Visa’s vast network of partners.
Among the 12 chosen from the 238 total entries, South African startups Howler and FinChatBot will compete against innovators from across Sub Sahara Africa for a chance to secure funding of up to US$50,000 to develop their ideas when the initiative concludes in Johannesburg on July 24.
With a clear goal of reducing reliance on cash, building digital payment based economies and increasing financial inclusion, Visa is committed to fostering an entrepreneurial spirit and driving innovation in its payments landscape.
Entrants were asked to submit ideas to leverage Visa’s network and technologies to resolve against at least one of the challenges. One winner per brief will be selected, with each receiving funding of US$25,000. Winners will be invited to a working meeting with Visa and may be presented with the opportunity to create a prototype. Visa will then select one overall winner to receive an additional US$25,000.
Geraldine Mitchley, Senior Director – Digital Solutions, Sub-Sahara Africa, Visa, said: “We are delighted with the response to our Visa’s Everywhere Initiative and the quality of submissions we received is an indication of the region’s rich talent pool and innovative spirit.”
“Launching this innovation program in the region has been an exciting time for the Visa SSA team, and the takeup reflects Africa’s enthusiasm to develop and pioneer solutions to the continent’s challenge – particularly in the payments technology space. I would like to congratulate the finalists and wish them luck as they enter the final stretch. When they come together for the final, they will not only have the chance to turn their ideas into reality but also potentially help shape the future of payments in the region.”
Howler which enables cashless transactions and end-to-end ticket handling for consumers and event organisers are competing in the first challenge and FinChatBot, which aims to automate part of customer services for financial service providers through AI-powered conversations are competing in the third challenge.
The SSA edition of the Visa’s Everywhere Initiative will wrap up on July 24 in Johannesburg, with each finalist having an opportunity to pitch their ideas to a panel of expert judges from Visa and the payments industry.