Kenyan startup Mookh Africa has been selected as the winner of first ever Sub Saharan Africa (SSA) Everywhere Initiative competition out of 11 finalists from a total of 238 entries by FinTech startups.
12 startups companies were given the opportunity to pitch their ideas to a panel of expert judges from Visa and the payments industry in Johannesburg yesterday. They include Nigerian startups VoguePay, CredPal, Loystar and Growsel as well as Kenyan startups M-Changa, Mookh, WayaWaya and LipaPlus. Howler and FinChatBot from South Africa while Uganda and Zambia were represented by Swipe2Pay and Brig Africa respectively.
The Kenyan startup won both the “Social Business Payments” challenge as well as the overall prize for its idea. The company took home $50,000 and the opportunity to work with Visa to develop the concept further. While Nigerian startup, CredPal, won the “Merchant Payments” challenge and $25,000 for its solution that allows business and individuals to pay for purchases in installments across online and offline merchants by providing them with instant access to credit at the point of checkout. The merchant then fulfils the order and is paid in full while the customer pays CredPal back in fixed monthly installments.
The Sub Sahara Africa of the Visa’s Everywhere Initiative is a global innovation program that tasks start-ups to solve commerce challenges of tomorrow, further enhance their own product propositions and provide visionary solutions for Visa’s vast network of partners. The Sub Saharan Africa edition of the Visa’s Everywhere Initiative challenged local fintech startup to deliver solutions based around three real life business challenges as one winner per challenge was selected, with each receiving Sh2.5 million ($25,000). The overall winner received an additional Sh2.5 million.
Daneel Jordaan, Acting Country Manager: Visa South Africa, said Visa is proud to play its part in Africa by enabling a smart economy powered by secure digital payments. She said “This vision comes to life when we can collaborate with passionate minds and foster an entrepreneurial ecosystem where innovators can thrive. Today, we saw this passion and innovation first-hand; and we are excited to build on the technologies that have secured the top positions in each of these challenges. Together with Visa and our financial institution partners, we would love to see at least some of these become a reality for consumers in the near future.”