Kenyan startups can now apply for the 2023 edition of the Visa Everywhere Initiative (VEI), a worldwide open innovation competition that invites innovative solutions from startups to address future payment and commerce challenges. This opportunity comes after Visa’s recent commitment, announced during the Jamhuri Day Tech Innovation Summit attended by President William Ruto, to digitally empower small businesses in Kenya through a five-year plan.
Apart from the monetary prizes, VEI winners in Kenya will have the opportunity to leverage Visa’s extensive network of partners in the banking, merchant, venture capital, and government sectors, gaining valuable exposure. Being recognized by one of the world’s most trusted and esteemed brands is also a significant benefit.
The VEI competition in Kenya will feature an in-person event on July 6, with the winner advancing to the Central and Eastern Europe, Middle East, and Africa (CEMEA) finals. The CEMEA regional final will be livestreamed on TechCrunch on July 27. The winner of the CEMEA finals will then progress to the global finale, which will 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 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 organisation 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 1st 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.For more information about VEI, please visit our website.