Payment technology multinational Visa launched its global Everywhere Initiative in Africa for financial technology (fintech) startups to stimulate payment innovations and the nascent fintech industry in the region.

“The goal is to allow for cashless economies and financial inclusion. Visa aims to foster an entrepreneurial spirit and drive innovation in its payments landscape,” said Visa sub-Saharan Africa Digital Solutions senior director Geraldine Mitchley.

“The innovation programme sets startups tasks to solve commerce challenges, enhance their own product propositions and provide visionary solutions for Visa’s network of partners.”

The competition is designed to lead next-generation payment innovation with the startup community. Visa’s Everywhere Initiative is strategically important to the company’s goal of fostering the growth of next - generation payment technologies.

Entrants can win up to $50 000, access to Visa products and services, expert mentorship and support from Visa and exposure to key Visa partners and clients. The challenge runs from March 23, 2018, to May 17, 2018.

The first challenge requires entrepreneurs to determine how their companies can use Visa’s application programming interfaces (APIs) to leverage mass-reach partner platforms, like Facebook, to help businesses operating in fast-paced consumer- centric environments improve cash flow and receive payments.

The second challenge requires participants to consider how a startup can leverage the Visa APIs to enable smaller merchants to accept payments in-store digitally or to provide a safe and secure solution for online merchants to drive ecommerce and reduce cash on delivery.

For the final challenge, entrepreneurs have to determine how their “startups can 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”.

Judges from Visa will select three finalists for each challenge to present their ideas to the judging panel at Visa’s local offices in the region.

One winner for each challenge will be selected, each receiving a $25 000 prize. Winners of the prize will be invited to a working meeting with Visa, and may be presented with the opportunity to create a prototype. Visa will then select one overall winner to receive an additional $25 000.