Kenyan startup wins Visa global fintech competition

VEI SSA Overall Winner_Mookh Africa

VEI SSA Overall Winner_Mookh Africa

by MTHULISI SIBANDA
JOHANNESBURG, (CAJ News) –  MOOKH Africa, a technology startup based in Kenya has emerged the overall winner a global programme aimed at unearthing “the next big thing” in digital payments.

It beat 11 other finalists selected from 238 submissions to the Everywhere Initiative, a brainchild of Visa the world’s leader in digital payments.

Mookh Africa developed a social business payments solution which makes it easy for people in Africa to buy and sell on Facebook, Instagram, and Twitter.

Once the seller creates an online store on Mookh, they can embed it into their Facebook page.

The Kenyan startup won both the “Social Business Payments” challenge as well as the overall prize for its idea.

The company took home US$50 000 and the opportunity to work with Visa to develop the concept further.

Nigerian startup, CredPal, won the “Merchant Payments” challenge and US$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.

Zowasel, another Nigerian startup, developed a solution which connects under-financed smallholder farmers with investors via mobile phone-based lending and marketplace sales, as well as gives them access to best agricultural practices.

They won in the “Financial Inclusion” challenge.

This is the first time Visa has rolled out its Everywhere Initiative in SubSahara Africa.

Fintechs from Kenya, Nigeria, South Africa, Uganda and Zambia took part in the final pitch event

To date, nearly 2 100 fintech startups from across North America, Latin America, Europe and Asia have participated.

Geraldine Mitchley, Senior Director – Digital Solutions, sub-Sahara Africa at Visa, said the future of digital payments would be shaped through collaboration.

“We look forward to working with our startup partners to transform the payments landscape over the coming years to the benefit of consumers, merchants and issuers alike.It’s an exciting time in Africa’s payments and fintech space,” she said.
– CAJ News

Short URL: http://cajnewsafrica.com/?p=27369

Posted by on Jul 25 2018. Filed under Africa & World, Broadband, Featured, Finance, Mobile money, National, Regional, Technology. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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