Nigerian Agricultural Fintech Wins Visa Everywhere Initiative 2022

Bloom Agrica fintech that gives small farmers access to finance, insight and distribution, was named the 2022 winner of Visa Everywhere Initiative (VEI). VEI is a global open innovation program and competition for start-ups and fintech companies.

Thrive Agric has also been announced as the winner of the Visa Direct award for its role in shaping the future of money movement in Nigeria.

Takes place in Qatar next door FIFA World Cup 2022, the global final was preceded by a year-long competition. It saw more than 4,000 entrepreneurs worldwide pitch in with innovative ideas to solve tomorrow’s payment challenges.

In addition to the overall winner, the following prizes were awarded:

• 2nd. place: Zetia fintech enabling pay-per-use financing of sustainable transport.
• 3rd place and audience favourite: Cavea platform that connects patients, doctors and other healthcare services.

Andrew DareRegional President of CEMEA, Visa:

“This year, more than 4,000 fintechs participated in the global Visa Everywhere Initiative. We saw a record 1,130 applications from Central Europe, the Middle East and Africa.

“A new fintech generation is changing the way consumers and businesses make payments. It makes it easier for more people to access and move money when they need it. We congratulate Ayo Arikawe and all the winners in this year’s competition. Furthermore, we look forward to continuing to collaborate with fintechs to solve tomorrow’s payment challenges”.

Ruben Salazarsenior vice president and global head of Visa Direct, said: “As we strive to create more ways for people, SMEs and larger enterprises to participate in the global economy, the VEI competition provides a unique insight into how fintech is helping to shape the future of money movement and expand access to underserved markets and regions. Today’s Visa Direct Award winner will have access to modern tools. In addition, they will have teams that help enable global money movement to billions of endpoints around the world.”

Bringing people together

The event brought together Visa and the industry’s thought leaders. The previous Visa Everywhere Initiative winner also returned to celebrate the innovative fintechs and their solutions. His Excellency Sheikh Bandar bin Mohammed bin Saud Al-Thanigovernor of Qatar Central Bankdelivered the event’s keynote address. Wade Arnoldfounder and CEO of Moov Financial and the 2021 Visa Everywhere Initiative North America and Global winner returned as judges, with special guests Visas Dr. Saeeda Jaffarsenior vice president and group country manager of the GCC, who hosts a fireside chat with the soccer legend Marcel Desailly.

Ayo Arikawe is the co-founder of Thrive Agric and now winner of both the global and CEMEA competitions. He made his pitch on how his fintech enables strategic partnerships with financial institutions and agricultural value chain players to provide smallholders with financial services, agricultural input, extension, market linkage, e-commerce and payment services.

“As a central part of the Nigerian economy, agriculture is the livelihood and main source of income for many of our people. The hard work we have put into ThriveAgric will ensure that the technology is utilized to empower farmers across the country. Not only winning the regional VEI competition in CEMEA, but also pitching in the finals here in Qatar gives me great confidence in our ability to scale our solutions and continue to enrich farmers’ lives,” said Ayo Arikawe.