The CEMEA regional winner will then move on to the global finale in Qatar in November 2022 where up to $170,000 (approximately 2,700,000 EGP) in total prize money will be awarded
Powered by FinTech Egypt – an initiative by the Central Bank of Egypt – the Visa Everywhere Initiative (VEI) is launching its Egyptian competition, with a total prize pool of EGP 1.1 million.
Part of Visa’s global innovation program and competition, VEI invites Fintech and payment solution startups in Egypt to display their innovative products and solutions through exposure with key Fintech stakeholders across banking, merchant, VC and government sectors.
“FinTech and other payments innovators are transforming the way consumers and businesses make payments, making it easier for more people to access the money they need when they need it – and the pandemic has seen this become more critical than ever,” said Leila Serhan Senior Vice President & Group Country Manager – North Africa, Levant & Pakistan, Visa.
“Supporting companies who are building solutions that power seamless money movement everywhere is a top priority for Visa. We are delighted to be bringing Visa Everywhere Initiative to Egypt and I look forward to seeing the many brilliant ideas from the country this year,” she added.
Third place winners will take home EGP 250,000, with second place holders receiving EGP 350,000, and first place winners are awarded with EGP 500,000 and will move on to the regional finals.
Egyptian startups have until March 20 to join the competition, with the VEI Egypt finale to be held on May 12. They will have a guaranteed spot at the Central and Eastern Europe, Middle East and Africa (CEMEA) regional finals on June 8 to compete for a total of $45,000 (approximately 700,000 EGP).
The CEMEA regional winner will then move on to the global finale in Qatar in November 2022 where up to $170,000 (approximately 2,700,000 EGP) in total prize money will be awarded.
"The presentation of the 'Visa Everywhere' initiative in Egypt confirms Visa's belief in the promising capabilities of startups in Egypt and the great opportunity available to them to contribute to the process of digital transformation and financial inclusion in the country in light of the favorable policies and procedures of the Central Bank of Egypt and economic authorities,” said Malak El-Baba, Visa Egypt’s Country Manager.
"We hope that this opportunity will provide the participating companies with a golden opportunity to explore the global landscape of financial technology and innovative solutions in the field of payments," she added.
The VEI network includes 8,500 startups from around the world, which continues to grow every year. Since its launch in 2015, the program has helped startups from over 100 countries collectively raise more than $2.5 billion in funding, addressing one of the biggest challenges faced by early-stage entrepreneurs.
Every year, the scope of VEI is expanded to engage with unique startups and solve unique problems in the world of payments.
This year, the program will have a clear focus on CEMEA, a region with tremendous opportunity for fintechs that are developing innovative products and solutions aimed at supporting the community. The latest edition of VEI sees two new editions in Egypt and Saudi Arabia, as well as the global finale in Qatar in November 2022.
VEI is seeking innovative and ambitious entrepreneurs who are uplifting communities by solving payment and commerce challenges faced by businesses of all sizes and sectors, including:
Enablers of digital services and digital issuers
Blockchain Crowdfunding
Banking-as-a-Service
BIN sponsorsIssuer/processors
Program managers
Digital issuance
Alternative lending
Personal financial management
Money transfer and remittance
Digital banking (aka neo banks)
Digital wallets, peer-to-peer (P2P) and transfers
Employee benefits
Payables
Corporate cards (aka expense management)
Value-add for merchants and/or consumers in the finance space
Data and analytics
ID, authentication and security
InsurTech
LoyaltyMerchant services and tools
Process and payment infrastructure
Retail technology
Small- and medium-sized businesses
Money movement (disbursements, Intra-account, P2P vendor and payments)
Acceptance (e-commerce and mobile acceptance)
Risk management (chargebacks, etc.)
Brand management (Community building, etc.)
Visa does not acquire any equity from Visa Everywhere Initiative competitors as part of this competition.
