Denis Opudo
Visa’s Everywhere company is a global payment initiative with the goal of economic development of the next generation through payment technologies. The company currently has over 2,100 participants globally. Most of its startups are located in Asia Pacific, Europe, Africa, Latin America, Middle East and North America.
Visa initiative cordially invite participants from Sub Saharan Africa region to submit their business ideas. The business solution must capture three fundamental components. The first component focuses on the startup leverage according to the Visa Developer APIs. The second part looks at the issue of mass media platforms like Facebook for cash flows. The last component relates to the possibility of startups use modern technology to provide functional services and products to illiterate customers. Sub Saharan Africa is a unique region with dynamic products like Mpesa, Snapscan, and Panga. These initiatives are located in Kenya, South Africa Nigeria respectively. The mass use of mobile payment system has enhanced business operations and convenient payments for goods and services. Potential subscribers are advised to use visa.com.za/everywhereInitiative for further details concerning Visa Company by 23rd Match. Applicants can still submit their business idea up to 17th May this year. Judges from Visa will select the best three startups to participate in the Visa local selection at the regional levels. One winner per brief will take the home monetary prize of US$25,000. The overall winner will have the opportunity of working with Visa Company and create its own prototype. In addition, the startup will receive US$25,000 more.
Launching Visa operation in the Sub Saharan Africa will enable enterprises to achieve approximately US$50,000 and. Other benefits comprise of mentorship and Visa products and services, networking, Visa support and global exposure.
According to the Regional President for CEMEA for Visa, Andrew Torre, Visa initiative has helped startups to mitigate business problems. Other advantages are customer support, adoption of business technology and product improvement. He added that in Africa, only 83% of the populations have no formal financial access. Two-third of funds raised in 2017 came from Fintech sector. African startups funding has increased to $195 million.
Geraldine Mitchley, on the other hand, noted that Fintech industry has brought payment technology in Sub Saharan Africa. The initiative fosters entrepreneurial spirit through financial inclusion and innovative payment platforms.
