Tanzanian fintech startups are now eligible to compete in the Visa Everywhere Initiative (VEI), a global open innovation contest that aims to find innovative solutions for future payment and commerce challenges. Fintech involves the incorporation of technology into financial services to enhance their accessibility and delivery for consumers.
The Visa Everywhere Initiative encourages fintechs and entrepreneurs to display groundbreaking, high-impact solutions in the payments and commerce sectors. Visa Country Manager for Tanzania, Salma Ingabire, announced that applications for the competition are now open in the country.
Startups participating in the initiative will tackle current payment and commerce challenges, with rewards including cash prizes, global exposure, and validation from one of the most reputable brands worldwide. VEI winners also benefit from access to Visa's extensive network of banking, merchant, venture capital, and government partners, as well as recognition from one of the world's most respected brands.
The Central and Eastern Europe, Middle East, and Africa (CEMEA) finals will be live-streamed on TechCrunch, a leading online publisher covering the tech industry and startup ecosystem, on July 27. The CEMEA Regionals winner will advance to the global finale, scheduled for September 19 at TechCrunch Disrupt in San Francisco.
Visa's VEI CEMEA will introduce the Fintechs Innovating in Risk Excellence (FIIRE) Award for the first time this year, focusing on the Risk and Security domain. In collaboration with Emirates NBD, Visa is seeking global fintech companies specializing in fraud management, cybersecurity, and credit risk, among other areas. After a joint evaluation by Visa and Emirates NBD representatives, the winning fintech will be awarded a 25,000 US dollar prize and the chance to collaborate with Emirates NBD, a prominent regional bank.
Since its 2015 inception, VEI has enabled startups from over 100 countries to collectively raise more than 16 billion US dollars in funding, with a network comprising almost 12,000 startups worldwide. In last year's competition, VEI distributed over 530,000 US dollars in prize money, with over 4,000 startups participating from five regions.