Visa, the world’s leader in digital payments, has announced Nigerian startups CredPal and Zowasel as winners in the Merchant Payments and Financial Inclusion challenges of its first sub-Saharan Africa (SSA) Everywhere Initiative, a global programme aimed at startups and designed to encourage the development of the next big thing in payments. The winning solutions beat 10 other contenders selected from 238 submissions to emerge as champions.
The programme was structured around three real-life business challenges, which are Merchant Payments Challenge dealing with how to enable smaller merchants to accept payments in-store digitally or provide a safe and secure solution for online merchants to drive e-Commerce and reduce cash on delivery.
The second was Social Business Payments Challenge, which also dealt with how startups use Visa’s APIs to leverage mass reach and social media partner platforms like Facebook to help businesses operating in fast-paced consumer centric environments improve cash flow and receive payments. The last is the Financial Inclusion Challenge that explored how 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.