Ethiopan fintech startup Arifpay has been named winner of the First Visa Everywhere Initiative (VEI), beating 59 other Ethiopian fintechs that applied into the program.
Founded on February this year by Habtamu Tadesse, Arif is a universal mobile Point of Sales(mPos), an electronic payment platform designed for use by merchants, banks and consumers in Ethiopia that any business, trader or consumer can use to transfer money, make invoices or pay taxes.
The ArifPay mobile point of sale system can be used either on a tablet or smartphone that can function as a cash register. The system can be used on SMEs too.
The fintech competition was part of the Ethiopian edition of VEI which is the first country’s specific VEI outside of the United States. VEI is a leading global innovation program for identifying and collaborating with fintechs to produce cutting-edge solutions to digital payment challenges as well to enhance their product propositions and offering payment solutions for Visa’s vast network of partners.
The startup’s success in the Ethiopian edition has earned them a final place to compete at the CEMEA (Central Europe ,Middle East and Africa) stage and win a total prize of $25,000 and if successful, Arifpay advances to compete on a global stage for a total prize of $100,000.
In recent months, Visa has been strengthening its partnerships with the payment’s ecosystem in Ethiopia. In March 2021,Visa hosted Visa Payments Forum whereby stakeholders from the government and private got together to discuss the future of payments and not long ago, Visa signed a Memorandum of Understanding with the Ministry of Innovation and Technology to promote and drive digitization in Ethiopia.
Ever since its inception in the US in 2015,VEI has developed into a global platform with more than 7000+ participating startups that have raised over $2.5 billion in funding with over 215 finalists and almost 100 winners. The program has been implemented in North America ,Latin America, Europe, Asia ,Middle East and Africa touching over 100 countries and involving almost 2,100 fintech startups.