ICT Industry

VISA opens applications for Uganda fintech startups

Applications are now open in Uganda for the Visa Everywhere Initiative (VEI), a global open innovation competition that sees startups pitch their innovative solutions to solve tomorrow’s payment and commerce challenges.

In addition to monetary prizes, VEI winners gain access and exposure to Visa’s vast networks of partners in the banking, merchant, VC, and government sectors. The winners also benefit from receiving recognition from one of the world’s most trusted and valuable brands.

According to Salma Ingabire, the Visa Country Manager for Uganda, the Central and Eastern Europe, Middle East and Africa (CEMEA) finals will be livestreamed on July 27 on TechCrunch – a leading online publisher focused on the tech industry and the startup ecosystem. The startup that wins at the CEMEA Regionals will participate in the global finale, which will be held on September 19 at TechCrunch Disrupt in San Francisco.

“This year, Visa’s VEI CEMEA is set to introduce for the first time an award in the Risk and Security domain – Fintechs Innovating in Risk Excellence, or ‘FIIRE’, Award.

“Through this Special Edition, Visa in partnership with Emirates NBD are scouting for global Fintech players across fraud management, cybersecurity, and credit risk, among others.

“Following a joint review by Visa and Emirates NBD representatives, the winning Fintech will receive a $25,000 prize and an opportunity to work with Emirates NBD, a leading bank in the region,” said Ingabire.

The Visa Everywhere Initiative is a platform that empowers fintechs and entrepreneurs to showcase the most ground-breaking, impactful solutions in the world of payments and commerce.

Through their technology-driven, innovative solutions, fintechs have the potential to offer broad social benefits to the markets they operate in – particularly when it comes to providing financial services to those who have traditionally been underserved.

Ingabire said they believe that access to the digital economy drives equitable, inclusive growth, and “VEI is an important means of supporting the innovators playing a leading role in this space.”

VEI has helped startups representing more than 100 countries collectively raise more than $16 billion USD in funding, with a network that includes nearly 12,000 startups from across the globe.

Last year, VEI awarded more than $530,000 USD in prize money over the course of the competition, which saw over 4,000 startups participate from five regions. VEI saw Nigeria’s ThriveAgric take home the VEI Global grand prize of $100,000 USD. ThriveAgric also won the $20,000 USD Visa Direct prize.

Daniel Otema

Daniel Otema is a well-rounded professional and his expertise spans agribusiness management and rural development. In his editorial role, Daniel combines his deep knowledge of agriculture with skills in journalism to oversee content that highlights key economic trends and developments within East Africa.

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