Mookh Wins the Challenge of Paying Social Enterprises

<img width = "728" height = "90" src = "http://www.kbc.co.ke/wp-content/uploads/2018/03/Facebook-728×90-1.gif" alt = "Mookh, the e-commerce digital platform that will host Friday's first online pop-up festival in Africa, is the overall winner of Visa's first Sub-Saharan Africa program (SSA). ) Everywhere Initiative, a global startup program designed to encourage the next big thing in payments.

Visa (NYSE: V), a global leader in digital payments, announced a technology start-up based in Kenya, Mookh Africa, as the winner of its first-ever Sub-Saharan Africa (SSA) initiative, a global startup program designed to encourage the development of the next big thing in payments.

Winning solution beat 11 other finalists selected from 238 submissions to become champions. [19659005] The SSA program was structured around three real business challenges:

1. Merchant Payments Challenge : How to enable small traders to accept in-store payments in digital form or provide a secure and secure solution to e-merchants to boost e-commerce and reduce shipping costs?
2. Payments Challenge : How can startups use Visa APIs to leverage social media platforms and social partners like Facebook to help businesses operating in consumer-centric environments improve their cash flow and to receive payments? ]: How can startups leverage technology to provide functional services to illiterate customers to provide secure transaction experiences that build confidence in the banking system?

"Social Business Payments"

Commercial payment solution that facilitates the purchase and sale on Facebook, Instagram and Twitter.

the seller creates an online store on Mookh, they can integrate it into their Facebook page. The Kenyan start-up has won both the "Social Business Payments" challenge and the global price of its idea.

The company has won $ 50,000 and the opportunity to work with Visa to develop the concept.

CredPal won the "Merchant Payments" Challenge and $ 25,000 for its solution that allows businesses and individuals to pay for purchases in multiple installments online and offline by giving them instant access to credit at the moment payment. The merchant then completes the order and is paid in full while the customer pays CredPal in fixed monthly installments.

Zowasel, another Nigerian start-up, has developed a solution that connects underfunded small farmers with investors via P2P. and market sales, and gives them access to the best agricultural practices.

They won the "Financial Inclusion" challenge. The SSA edition of Visa's Everywhere initiative is also the first time that startups have been entrusted with a specific challenge to financial inclusion since its launch in 2015.

"We had the privilege to work with the best minds in the region over the last few months and the winners of the three selected categories that have the potential to really change the way people pay in the region. We congratulate Mookh Africa, CredPal and Zowasel and thank all the finalists for their participation in the "Everywhere" initiative, said Geraldine Mitchley, Senior Director – Digital Solutions, Sub-Saharan Africa at Visa.

Adding that "The future of digital payments will be shaped by collaboration and we look forward to working with our start-up partners to transform the payments landscape over the next few years for the benefit of consumers, merchants and consumers alike. Issuers. "

Managing Director of Visa East Africa Sunny Walia, said," Visa is proud to play its role in Africa by enabling a smart economy powered by secure digital payments, a vision that comes to life when we can collaborate with pbadionate minds and foster an entrepreneurial ecosystem where innovators can thrive, and today we have seen this pbadion and innovation first-hand, and we are excited to develop the technologies that have ensured the best positions in each of these challenges Together with Visa and our financial institution partners, we would like to see at least some of these become a reality for consumers in the near future. "

Carmen Whatley, General Manager, Accenture Digital Financial Services and one of the judges for the final said: " VEI is a very powerful initiative. Africa is always made to feel like the lost continent and today we have seen what comes out of the continent. It was hallucinating and a reminder that good ideas are everywhere. I am energized. It was unbelievable for me to see that we had a panel of judges who came from very different backgrounds and who viewed it from very different angles, and we decided unanimously winners. There were very clear and innovative ideas; or those who have a phenomenal social impact. All winners have incredible ideas for Africa – from access to funding for clients to connecting small farmers with funders – the most striking point has been to see these ideas and their social impact. "

Last year, Visa rolled out its Everywhere initiative in sub-Saharan Africa and pre-screened fintechs from Kenya, Nigeria, South Africa, Uganda, and Zambia participated. to this initiative. in the final pitch event.

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