Egypt’s Information Technology Industry Development Agency (ITIDA) has joined forces with Visa to support 10 entrepreneurs and startups specialising in fintech with technical training and business mentorship. Plus, a $20,000 prize is up for grabs.
Fintech startups across fields, including financial inclusion, digital payments, insurance, merchant acceptances and payments, settlements and authentication, can apply to the pair’s fintech training programme.
The ITIDA-Visa Mentorship Programme aims to enhance cooperation in supporting entrepreneurship, encouraging startups to develop innovative fintech solutions, while promoting digital payments in Egypt. Additionally, shortlisted fintech startups will benefit from Visa’s global partner network to empower their business and improve their market experience.
Following enrolment to the programme, participants will be eligible to access Visa’s development application programming interfaces (APIs) that facilitate integration with Visa’s global network and experimenting with the payment giant’s sandbox.
Furthermore, the programme offers a prize of $20,000 for the best performing startup, after completion of the technical training and the business mentorship. The scheme addresses business models, market requirements review, as well as lessons on business methodologies that speed up accessing Visa’s network.
Applications for the programme are open until 3 March.
Egypt’s fintech ecosystem
In 2020, a report into thriving startup ecosystems highlighted Egypt as one of the best regions for startups, offering immense opportunities. Cairo was also highlighted in the GSER 2020 Report for attracting the largest number of investment deals in MENA, with fintech at the top.
Egypt has 95 million mobile users – the highest penetration in EMEA – with 14 million wallets, a young population and financial inclusion government-led initiatives.
Visa and the ITIDA hope that their collaboration will help promote the digitisation of payments among businesses and solve the challenges existing in the Egyptian market, such as financial inclusion, the cost of cash and governmental e-payment solutions.
Their aim is to foster a prosperous digital payment ecosystem, through engaging with companies specialising in software development and IT; and reducing the financial inclusion gender gap. Furthermore, through empowering and supporting women entrepreneurs working in the fintech field.