ADDIS ABABA – Visa, the global leader in payments technology, announced on Wednesday ArifPay has won the first Visa Everywhere Initiative (VEI) challenge in Ethiopia.
At least 59 fintechs companies participated in the first ever Visa Everywhere Initiative in Ethiopia.
The challenge was part of the Ethiopian edition of VEI which is the first country specific VEI outside of the US.
Visa announced ArifPay as winner on Wednesday. Arifpay is a universal mobile Point of Sales (mPOS), an electronic payment platform designed for use by merchants, banks, and consumers in Ethiopia.
ArifPay’s success in the Ethiopian edition has secured them final a place to compete at the Central Europe, Middle East & Africa or CEMEA stage, and win a combined $25,000 in total prize and if they are successful further proceed to compete on a global stage to win $100,000 in total prize money.
Aida Diarra, Senior Vice President Visa for Sub-Saharan Africa, Expressed the tech company’s warm congratulations to ArifPay.
“Through VEI, we were on the lookout to partner with fintechs that are creating secure, agile and seamless payment experiences, thereby putting new and evolved payment experiences into the hands of consumers and businesses,” Diarra said.
“We are happy to have engaged with this vibrant community and look forward to creating unique payment experiences for Ethiopia,” he added.
Since its inception in the US in 2015, VEI has expanded into a global platform with more than 7000+ participating startups, that have collectively raised over $2.5+ billion in funding, with more than 215 finalists and nearly 100 winners.
The program has been rolled out in North America, Latin America, Europe, Asia, Middle East and Africa, touching over 100 countries and nearly 2,100 fintech startups have participated.