The 2023 edition of the Visa Everywhere Initiative (VEI), a global open innovation competition, is now accepting applications in Kenya. This competition allows startups to present their creative solutions to tackle future payment and commerce challenges. Visa made this commitment during the Jamhuri Day Tech Innovation Summit last year, where they unveiled a five-year plan to enable small businesses in Kenya digitally. Eva Ngigi-Sarwari, Visa Country Manager for Kenya, stated that fintechs and entrepreneurs can showcase their groundbreaking and impactful solutions on the VEI platform. She believes that access to the digital economy is essential for inclusive and equitable growth, especially for underserved individuals. Visa plans to collaborate with the Ministry of Information, Communication, and the Digital Economy, as well as the Central Bank of Kenya, to support the innovation ecosystem during this VEI edition.
Aside from monetary prizes, VEI winners will receive exposure and access to Visa's broad network of partners in the banking, merchant, VC, and government sectors. The VEI competition in Kenya will take place in person on July 6, and the winner will advance to the Central and Eastern Europe, Middle East, and Africa (CEMEA) finals, which will be live-streamed on TechCrunch on July 27. The winner of the CEMEA regional final will then proceed to the global finale, held on September 19 at TechCrunch Disrupt in San Francisco. A total of USD 40,000 in prize money will be awarded in different categories, including USD 20,000 for the overall winner, USD 10,000 for the audience favorite, and a newly introduced USD 10,000 Impact Prize for the organization with a positive social impact on the communities it operates in.
VEI has supported over 12,000 startups from 100 countries since its launch in 2015, raising a total of more than USD 16 billion in funding. Last year's competition had over 4,000 participants from five regions, with VEI awarding more than USD 530,000 in prize money. Nigeria's ThriveAgric won the global grand prize of USD 100,000 and an additional USD 20,000 Visa Direct prize. VEI Kenya edition is looking for innovative and ambitious entrepreneurs who can solve payment and commerce challenges faced by businesses of all sizes and sectors, including agriculture, logistics, healthcare, education, urban mobility, the gig economy, insurance, and/or (M)SME solutions that address access to finance, new customers or markets, and MSME business services such as inventory management, payroll processing, and customer relationship management. The application deadline for VEI Kenya is May 14th. For more information about VEI, please visit our website.
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