Visa has announced the 2021 edition of the Visa Everywhere Initiative, a global innovation competition for fintech companies. This year, the focus is on expansion and accessibility.

Fintech companies from all over the world are invited to compete for a combined Ksh. 13,706,250 ($125,000) in total prize money.

Interested participants are invited to submit applications in English to the CEMEA regional pitch before May 7. The regional CEMEA finals are scheduled for June 8 and global finals for September 14, 2021.

Winning applicants from Sub-Saharan Africa will win a combined Ksh. 2,741,250 ($25,000) in total prize. All applicants from Sub-Saharan Africa (SSA) are invited to compete first on a CEMEA stage to win a combined Ksh. 2,741,250 ($25,000) in total prize. After this level, applicants will proceed to the global stage for a combined Ksh. 10,965,000 ($100,000) in total prize money.

“We recognize fintechs as a force for innovation that is core to our business and encourage everyone to apply to Visa Everywhere Initiative,” noted Aida Diarra, Senior Vice President and Group Country Manager for Visa Sub-Saharan Africa.

Visa will promote and host live-streamed and virtual events in North America, CEMEA and Latin America.

Listed below are the monetary prizes for the global finals event

CEMEA competition

  • Winner: Ksh. 1,644,750 ($15,000)
  • Audience Favorite: Ksh. 1,096,500 ($10,000)
  • The CEMEA winner will participate in the Global Competition

Global competition

  • Overall Winner: Ksh. 5,482,500 ($50,000)
  • Audience Favorite: Ksh. 2,741,250 ($25,000)
  • 2nd Place: Ksh. 1,644,750 ($15,000)
  • 3rd Place: Ksh. 1,096,500 ($10,000)

Qualifications for application

  • Enabler of digital services and digital issuers
  • Blockchain and cryptocurrency
  • Crowdfunding
  • Banking as a services
  • BIN sponsors
  • Issuer/processors
  • Program managers

Digital issuance

  • Blockchain and cryptocurrency
  • Alternative lending
  • Personal financial management
  • Money transfer and remittance
  • Digital banking
  • Digital wallets, P2P and transfers
  • Employee benefits
  • Payables
  • Corporate cards (expense management)

Value-add for merchants and/or consumers

  • Data and analytics
  • ID, authentication and security
  • InsurTech
  • Loyalty
  • Merchant services and tools
  • Process and pay infrastructure
  • Retail technology

Small/Medium -Sized Business Recovery

  • Mobile money
  • Acceptance (e-commerce, mobile acceptance)
  • Risk management (chargebacks, etc.)
  • Brand management (community building, etc.)