Visa unveils global competition for fintech startups in Nigeria
Visa, a leading digital payments company, has unveiled the 2023 edition of the Visa Everywhere Initiative (VEI) competition applications for startups in the fintech sector in Nigeria.
The company made this known in a statement signed by Adeniyi Adebiyi, Director of Corporate Communications, Visa West Africa, on Monday in Lagos.
VEI is a global open innovation competition that allows startups to present their innovative solutions to solve tomorrow’s payment and commerce challenges.
Andrew Uaboi, Vice President and Head of Visa West Africa, said winners of the VEI 2023 edition apart from cash prizes will receive global exposure and validation from one of the world’s most trusted brands.
Mr Uaboi stated that since its launch in 2015, VEI had helped startups representing over 100 countries collectively raise more than $16 billion in funding, with a network that includes nearly 12,000 startups from around the world.
He added that in 2022, VEI awarded $530,000 in prize money over the course of the competition, which saw over 4,000 startups from five regions.
Mr Uaboi said that 2023 Visa’s VEI Central and Eastern Europe, Middle East and Africa (CEMEA), was set to introduce for the first time an award in the risk and security domain – Fintech’s Innovating in Risk Excellence, Award.
“Through this special edition, Visa in collaboration with Emirates NBD scouts for global fintech players across areas such as fraud management, cyber security and credit risk.
“After a joint review by Visa and Emirates NBD representatives, the winning fintech will receive a prize of $25,000 and an opportunity to work with Emirates NBD, a leading bank in the region.
“VEI is a platform that empowers fintechs and entrepreneurs to showcase the most cutting-edge, impactful solutions in the world of payments and commerce.
“VEI is looking for innovative and ambitious entrepreneurs who lift up local communities by solving payment and trade challenges faced by companies of all sizes and sectors.
“At Visa, we believe access to the digital economy drives equitable, inclusive growth, and VEI is an important means of supporting the innovators who are playing a leading role in this space,” he said.
Mr Uaboi said this year’s VEI competition had its lights on digital service enablers and digital issuers in blockchain and cryptocurrency, crowdfunding, banking-as-a-service, alternative lending among others.
According to him, the 2023 awards include VEI CEMEA Regionals 1st Place at $20,000, VEI CEMEA Regionals Crowd Favorites at $10,000 and VEI CEMEA Regionals Risk Winner at $25,000.
(NAN)
