This interview with Ms. Leila Serhan who currently serves as Senior Vice President and Group Country Manager for the North Africa, Levant and Pakistan (NALP) region at Visa – digs into the transformative power of the Visa Everywhere Initiative, a platform designed to empower fintech startups onto the global stage.
Can you tell us a bit about the Visa Everywhere Initiative?
The Visa Everywhere Initiative was first launched in the USA back in 2015 before expanding globally. Over the years, we’ve witnessed the engagement of 15,000 startups in this competition. Today marks a significant milestone as we extend this initiative to a dedicated program for the Levant region, including Lebanon, Jordan, Iraq, and Palestine.
Tell us more about the objectives and benefits of this initiative?
The Visa Everywhere Initiative serves as a global platform for startups operating in the fintech sector to showcase their innovations. Winners receive a substantial equity-free monetary prize along with unparalleled exposure facilitated by Visa. Notably, previous winners have collectively raised $48 billion, demonstrating the impact of this program on fostering entrepreneurship.
How about the Global Impact of the initiative?
Visa’s reputation as a trusted brand in the financial landscape opens doors for startups associated with the initiative. For instance, a Nigerian winner from previous versions, is now expanding into Egypt, leveraging on Visa’s exposure and connections.
Can you tell us about the selection process?
Applications for this year’s Visa Everywhere Initiative opened on March 26, 2024, and are open until April 29, 2024. Fintech companies worldwide, focusing on integrating technology into financial services, are encouraged to apply. Winners will be announced in partnership with the Central Bank of Jordan, with categories including 1st, 2nd, and 3rd place, along with an “audience favorite” winner chosen through online voting. The first-place winner qualifies for the regional final of Central Europe, Middle East, and Africa, while the ultimate global event takes place at the prestigious TechCrunch Disrupt, San Francisco, USA.
As for Jordan, it has been chosen to declare the results because the country has played a big role in supporting lookalike initiatives and there is an environment for these fintechs with a huge potential to grow in the near future.
What is the significance of including MENA Countries in this year’s version?
The MENA region is on the rise with a youthful population with high internet penetration, fostering a conducive environment for entrepreneurship. For instance, Lebanon is witnessing a rise in mobile wallet usage, indicating a shift towards a digital economy. Jordanian startups have recently secured significant funding, positioning Jordan as a key player in the MENA fintech landscape. Hence, focusing on these growing markets aligns with the region’s potential for fintech growth.
Tell us more about the integration with Fintech Ecosystems, from your company’s objectives:
The Visa Everywhere Initiative is just one facet of Visa’s engagement with fintechs. We also operate a Fintech accelerator program in Africa, a Fintech Fast Track program and regularly connect our fintech network with our client network, emphasizing our commitment to nurturing innovation. The relationship between banks and fintechs is symbiotic; while fintechs benefit from banks’ regulatory compliance and customer base, banks gain access to fintechs’ agility and modernization capabilities.
What is your message to the Lebanese youth?
Today in Lebanon, there are real problems that needs to be solved. I call on all the Lebanese youth to find a way to create solutions to these problems. And we are here for you, if you are a young entrepreneur and you have a serious solution to a problem we are ready to support you and to find you the right partners to help you solve these problems not only in Lebanon but in all the region.
Even if you were not selected, you will become part of the Visa Everywhere Initiative ecosystem and there will always be a chance to grow with our company.