Visa unveils global competition for fintech startups in Nigeria

A leading digital payments company Visa unveiled the 2023 edition of the Visa Everywhere Initiative (VEI) competition applications for startups in the financial technology sector in Nigeria.

The company made this known in a statement signed by Mr Adeniyi Adebiyi, the Director, of Corporate Communications, Visa West Africa, on Monday in Lagos.

The VEI is a global open innovation competition that allows startups to pitch their innovative solutions to solve tomorrow’s payment and commerce challenges.

Mr Andrew Uaboi, Vice President, and Head of Visa West Africa, said that winners of the VEI 2023 edition asides monetary prizes would receive global exposure, and validation from one of the world’s most trusted brands.

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 across the globe.

He added that in 2022, the VEI awarded $530,000 in prize money over the course of the competition, which saw over 4,000 startups participate from five regions.

Uaboi said the 2023 Visa’s VEI Central and Eastern Europe, Middle East and Africa (CEMEA), was set to introduce an award in the risk and security domain – Fintech Innovating in Risk Excellence, Award.

“Through this special edition, Visa in partnership with Emirates NBD are scouting for global fintech players across fraud management, cyber security, 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.

“VEI is a platform that empowers fintech and entrepreneurs to showcase the most ground-breaking, impactful solutions in the world of payments and commerce.

“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.

“At Visa, we believe 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,” he said.

Uaboi said this year’s VEI competition had its beam lights on enablers of digital services and digital issuers in blockchain and cryptocurrency, crowdfunding, banking-as-a-service, alternative lending amongst others.

According to him, the 2023 prizes include VEI CEMEA regionals 1st place at $20,000, VEI CEMEA regionals audience favourites at $10,000 and the VEI CEMEA Regionals Risk Winner at $25,000.