Visa’s Everywhere Initiative is a global open innovation program tapping into startup communities to drive regional business objectives, curate the startup ecosystem for Visa clients and accelerate bigger and bolder ideas, enriching consumer experience
Early this year, they announced their entry to Sub Saharan Africa offering startups a chance to win up to USD 50,000 and a chance to have a support development program with Visa business or partnership with Visa’s partners
With an objective of driving financial inclusion, the brief question is how can startups leverage technology to provide services that are functional for illiterate customers to provide them with secure transaction experiences that build and enhance their confidence in the banking system.
Swipe2pay, a Ugandan FinTech startup has been selected as a finalist for Visa’s Everywhere Initiative Sub Saharan Africa for Challenge 1: Merchant Payments
Swipe2pay accepts mobile payments anywhere by turning your mobile phone into a powerful mobile point of sale which lets you manage your business from anywhere. They’re also building an alternative credit scoring models for SMEs to ease their access to loans from banks and MFIs using their business performance analytics data and cellphone data to determine their creditworthiness
Led by Solomon Alvin King, Swipe2pay is among the final 12 startups out of 300 applicants and the program starts on the July 23, 2018 in Johannesburg, South Africa
There will be three (3) winners of USD 25,000 each and each company/startup selected as a Brief Winner will be awarded USD 25,000. If Visa determines in its sole discretion that a Brief Winner has created a standout solution, Visa may provide further investment and mentoring support to that Brief Winner, subject to the parties agreeing a suitable development program and additional terms for the investment.