Applications are now open for the 2023 edition of 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 will gain access and exposure to Visa’s vast network of partners in the banking, merchant, VC, and government sectors. The winners will also benefit from receiving recognition from one of the world’s most trusted and valuable brands.
This year’s VEI in Kenya will see an in-person competition on July 6, the winner of which will progress to the Central and Eastern Europe, Middle East and Africa (CEMEA) finals, which will be livestreamed on July 27 on TechCrunch. The winner of the CEMEA regional final will proceed to the global finale, to be held on September 19 at TechCrunch Disrupt in San Francisco.
The VEI Kenya edition will see a total of $40,000 USD in prize money being distributed among the different categories. This includes $20,000 USD for the overall winner, $10,000 USD for the audience favorite and a newly introduced $10,000 USD Impact prize, which goes to the organization whose solution has a positive social impact on the communities it operates in. Examples of social impact include initiatives that boost financial inclusion, promote sustainability, or safeguard the environment.
“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,” said Eva Ngigi-Sarwari, Visa Country Manager for Kenya. “Through their technology-driven, innovative solutions, fintechs have the potential to offer broad social
benefits – particularly when it comes to providing financial services to those who have traditionally been underserved. 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. We intend to work closely with the Ministry of
Information, Communication and the Digital Economy as well as the Central Bank of Kenya during this VEI edition to support the innovation ecosystem in Kenya”.
Since its launch in 2015 VEI has helped over 12,000 startups from across 100 countries, to collectively raise more than $16 Billion USD in funding. 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. Nigeria’s ThriveAgric took home the Global grand prize of $100,000 USD and an additional $20,000 USD Visa Direct prize.
VEI Kenya edition 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 the following:
Ecosystems:
- Agriculture
- Logistics
- Healthcare
- Education
- Urban mobility
- Gig Economy
- Insurance
And/ OR (M)SME solutions that solve for:
- Access to finance
- Access to new customers/markets
- MSME Business services not limited to inventory management, payroll processing, customer relationship management
This year’s prizes.
- VEI Kenya Winner: $20,000 USD
- VEI Kenya Audience Favorite: $10,000 USD
- VEI Kenya Social Impact Award: $10,000 USD
- VEI CEMEA Regionals 1 st place: $20,000
- VEI CEMEA Regionals Audience Favorite: $10,000
- VEI CEMEA Regionals Risk Winner: $25,000
The application deadline for VEI Kenya is May 14th, click here to apply.